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Construction company Galliford Try has revealed that it has delayed the release of its annual results as auditor BDO needs more time to complete the audit.
The results were due to be published Thursday 19 September but the group will now post them at a later date.
The company has stated that BDO has requested more time to complete its audit quality control standard procedures.
BDO has been auditor for six years since it was appointed in 2018 to replace PwC.
In the previous year’s annual report Galliford Try’s board noted that the company had completed a board effectiveness review.
One of the recommendations focused on the external auditors, stating that the group would ‘continue to work tougher to find ways in which working relations can be strengthened’.
BDO also indicated in the FY2023 annual report that it had identified two key audit matters related to revenue and profit recognition for construction contracts, and recognition and recoverability of claims and variations.
The firm earned £2.4m in audit fees for the group and subsidiaries for FY23, up from £1.1m in FY22.
The extra fees were due to additional work ‘in respect of additional costs related to the 2022 audit’.
Bill Hocking, Galliford Try CEO, said: “We remain excited by our Sustainable Growth Strategy and are confident in the outlook for the financial year, with revenue and pre-exceptional profit before tax expected to be above the upper end of analyst forecasts from the time of the Group’s most recent trading update in July.
“We are in great financial shape as a business, with high calibre teams, a very strong balance sheet, and excellent recent contract and framework wins underpinning our high-quality order book, all of which give confidence in the outlook for the current financial year and beyond.”
