Longhorn Publishers PLC has informed its shareholders and the investing public about an unexpected delay in the publication of its audited financial statements for the fiscal year ending on June 30, 2023.
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The delay is due to ongoing consultations concerning the interpretation and application of an accounting standard that could have a significant impact on the company’s financial reports.
In a public announcement released on October 30, 2023, Maxwell Wahome, the Group Managing Director of Longhorn Publishers PLC, stated “The Board targets to hove the ongoing consultations on the interpretation and application of the accounting standard concluded imminently.”
The company’s board also committed to addressing these accounting standard concerns efficiently and aims to have the audited financial statements approved and published no later than December 3, 2023.
The publisher assured its shareholders and stakeholders that it is working diligently to resolve the matter and meet the revised deadline for the financial report.
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In its most recently published financial results for the half year ended December 2022, Longhorn reported a 46 percent decline in revenue representing KES 444 million.
They also reported a KES 98 million loss for the period attributing this to slow economic growth and the impact of inflation.
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