WPP Scangroup To Report 2020 Financial Statements By August End

The Nairobi Securities Exchange-listed firm, WPP Scangroup, is engaged in developing communication strategies, creating advertisements for products and services, planning and buying media, as well as providing marketing consultancy.

WPP Scangroup shareholders will wait long after the company says it will delay further publishing its audited financial results for the year ended December 31 2020.

The group was expected to release the financials on 31st July. Now, it has been set at the end of August.

This is the third time the group is delaying the publication of its audited financial results ended on 31st December 2020.

“The audit process has taken longer than anticipated as a result of the extended scope of audit by the external auditors arising from the ongoing investigations…” the Board said in a notice committing to a timely conclusion of the process.

February 2020, the Group suspended its chief executive officer Bharat Thakrar and the Chief Finance Officer, Mr Satyabrata Das over allegations of irregularities.

Currently, Bharat opted to resign from the group.

Scangroup’s net profit dropped 20 per cent to KSh491.4 million in the year ended December 2019 compared to KSh612.2 million in 2018.

The current share price of ScanGroup Limited (SCAN) is Ksh 4.60. It closed its last trading day (Friday, July 30, 2021) at Ksh 4.52 Ksh per share on the NSE, recording a 0.7 per cent drop from its previous closing price of Ksh Ksh 4.55.