"Who's a naughty boy, then? Who's forced us to make another announcement?"
Ince Gordon Dadds has been unable to meet its latest deadline for releasing its long-delayed financial results.
The listed company’s shares have been suspended from trading since it announced in December that it was unable to publish its results for 2022.
Ince initially said that "the complexity of historic and legacy accounting issues" meant its new auditor, BDO, required "more time to conclude their outstanding audit work", but that it expected the issue to be resolved by 31 January.
When that deadline passed, the firm announced a “short delay” caused by “a number of outstanding technical items", and told the market to expect the results by 10 February.
The 10th passed by without results and Ince promised that BDO were “in the final stages of quality control" and required "approximately two more weeks".
Approximately two weeks later, the firm told weary shareholders and smirking onlookers that BDO had raised “further queries in the final stages of quality control”. They “have been addressed”, said Ince, so everyone should start getting excited for “early March”.
The latest dog to eat its homework was “matters outstanding with the audit in Hong Kong, which has taken longer than anticipated”.
Shamed by four missed deadlines, the firm has given up predicting when its results will be available. It said that a further announcement would be made "as soon as possible once the audit is complete”.
The firm declined to comment on the debacle. Shareholders, however, have been happy to share their thoughts. Adapting the firm’s slogan, one commented, “You, Ince, and a bucket of sh*te - in any case".
“This delay is pretty incredible, considering this follows them not publishing ANY results for all of 2022”, posted a chastened investor.
“The worst part is the endless broken promises of publication dates, quite embarrassing when you read back through the RNSs and see how many times the goal posts have been moved. Big breach of all plc norms, something very broken here.”
“I'm sorry you're locked in here”, one smug ex-shareholder told a trapped Ince investor. “Pleased I sold out ahead of the suspension. At this rate, by the time they come back to market, the whole industry will have shifted to AI anyway”.