Delay to publication of 2023-24 results

International Distribution Svcs PLC

23 May 2024

 

23 May 2024

 

INTERNATIONAL DISTRIBUTION SERVICES plc (IDS or IDS plc or the Company)

DELAY TO PUBLICATION OF 2023-24 RESULTS AND FULL YEAR GUIDANCE

International Distribution Services plc today announces a delay to the publication of its financial results for the 53 weeks ended 31 March 2024, previously planned for 23 May 2024.

The Group's auditor, KPMG, has requested additional time to complete the usual standard procedures after their internal reviews were late in the audit timetable, thereby delaying their final audit process.

The Board confirms that it expects adjusted operating profit (excluding voluntary redundancy costs) for the 53 weeks ended 31 March 2024 to be broadly in line with previously published guidance.

A further announcement on updated timings for the publication of results will be made as soon as reasonably practicable.

Enquiries:

Investor Relations

John Crosse

Email: [e-mail]

Media Relations

Jenny Hall

Phone: [phone]

Email: [e-mail]

Greg Sage

Phone: [phone]

Email: [e-mail]

Royal Mail press office: [e-mail]

 

Company Secretary

Mark Amsden

Email: [e-mail]

International Distribution Services plc (Incorporated in England and Wales) Company Number: 8680755

LSE Share Code: IDS

ISIN: GB00BDVZYZ77

LEI: 213800TCZZU84G8Z2M70

FORWARD-LOOKING STATEMENTS

This document contains certain forward-looking statements concerning the Group's business, financial condition, results of operations and certain Group's plans, objectives, assumptions, projections, expectations or beliefs with respect to these items. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would', 'should', 'expects', 'believes', 'intends', 'plans', 'potential', 'targets', 'goal', 'forecasts' or 'estimates' or similar expressions or negatives thereof.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the Group's actual financial condition, performance and results to differ materially from the plans, goals, objectives and expectations set out in the forward-looking statements included in this document.

All written or verbal forward-looking statements, made in this document or made subsequently, which are attributable to the Group or any persons acting on its behalf are expressly qualified in their entirety by the factors referred to above. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. No assurance can be given that the forward-looking statements in this document will be realised; actual events or results may differ materially as a result of risks and uncertainties facing the Group. Subject to compliance with applicable law and regulation, the Group does not intend to update the forward-looking statements in this document to reflect events or circumstances after the date of this document, and does not undertake any obligation to do so.

PROFIT ESTIMATE FOR THE PURPOSE OF THE CODE

In its third quarter results announcement released on 18 January 2024, the Company stated that: "our guidance for the full year remains at about breakeven excluding voluntary redundancy costs" (the "FY 24 Profit Estimate"), which the Board has reaffirmed in the 3^rd paragraph of the announcement above. As the Company is in an offer period, this statement is regulated as a profit estimate for the purposes of the Takeover Code.

The FY 24 Profit Estimate was first made before EP Corporate Group a.s. made an approach with regard to a possible offer for the Company and accordingly the requirements of Rule 28.1(c) of the Takeover Code apply to the FY 24 Profit Estimate.

The FY 24 Profit Estimate has been prepared on the basis of:

·        the unaudited consolidated financial results of the IDS Group for the nine months ended 31 December 2023; and

·        the current trading of the IDS Group for the three months ended 31 March 2024.

Other than customary accounting judgements applied in accordance with IDS' accounting policies, the FY 24 Profit Estimate is not based on any assumptions (either within or outside the influence of the IDS Directors).

In accordance with Rule 28.1(c), the directors of the Company confirm that the FY 24 Profit Estimate remains valid, has been properly compiled on the basis of the assumptions stated above and that the basis of accounting used is consistent with the Company's accounting policies.

WEBSITE PUBLICATION

In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement will be available on IDS' website (www.internationaldistributionsservices.com) by no later than 12 noon (London time) on the business day following the date of this announcement. The contents of the website referred to in this announcement are not incorporated into and do not form part of this announcement.

 

END