KPMG delays release of annual results

KPMG has announced the delay of its annual result as it waits for a clearer view of Covid-19’s impact. 

According to Sky News, the firm is withholding information on its yearly review until it gets a “clearer view” of Covid-19 on the British economy, reports covering the year ending in September (which were set to be released in December) will now not be available until an undisclosed date next year. 

It follows a similar move made by fellow “big four” auditor PwC, who announced in August that it was delaying postings until January 2021 due to uncertainty regarding “partner pay distributions and staff bonuses.” 

The news source reported that KPMG is stalling the release of their annual review to assess the level of finances the business needs to retain in 2021. 

A spokesperson for KPMG told Sky: “Our business remains resilient and we are focused on advising our clients as they respond to the demands of COVID-19 and adapt their business models for growth.

“However, significant uncertainty remains about the future performance of the UK economy and in line with other businesses we are taking the prudent step to assess our first quarter’s results before we decide year-end reward.”