JSE-listed Huge Group has missed the deadline to publish its annual results, because it is clarifying some accounting issues.
Companies listed on the JSE have three months to produce results after each reporting period. Huge's year-end was at the end of February, and the company should have issued results on Tuesday.
However, yesterday the group told shareholders it was “busy clarifying the appropriate accounting treatment relating to certain asset and liability balances as at 28 February 2011 with its auditors, KPMG”.
As a result, the board cannot release the group's year-end results, nor those of its subsidiaries, the statement says. “Shareholders should expect a short delay in the publication,” Huge says.
In addition, Huge indicated its results will be more than 20% lower than a year ago. Last year, the company reported revenue down to R573.5 million from R608.5 million. However, net profit was higher at R9 million, up from R7.4 million.
Meanwhile, Huge says acting FD Yvette Neveling has resigned “with immediate effect”. The company didn't provide reasons for her resignation, but wished her well.
Neveling was appointed with effect from 8 December 2010. CEO James Herbst will fill the role in the meantime.
The company's shares closed 12.50%, or 15c, lower at 105c yesterday.
Share