IDE Group further delays release of final results for 2021

The MSP says they have been delayed due to coronavirus

IDE Group has again delayed the release of last year's final trading figures due to the impact of the Covid pandemic and staff absences.

It is now the third time in 2022 the IT service management company has held off announcing its full results for the year ending 31 December 2021.

The MSP did release a brief trading update in January, stating revenue growth in 2021 was over 20 per cent that of 2020 on a like for like basis and will not be less than £14m.

The figure was based on the company's continuing business only, having undergone dramatic change with the sale of its Connect business to CloudCoCo for £250,000.

It was not until June that IDE Group released a further statement, saying it expected to publish its full results towards the end of July - it cited the Covid pandemic as a reason for the delay.

However, IDE Group did say that trading EBITDA was c£3m, although due to various potential non-trading audit adjustments this could potentially increase.

At the start of August, the organisation said the final 2021 results were expected to be published at the end of the month, but then, on 31 August it again delayed publication of them until the end of September 2022.

IDE Group said: "The delay in publication relates to the cumulative impact of Covid, including related staff absences from Covid and the resulting knock on impact on the audit process.

"Consequently, there will be delay to the release of the results."

Figures from Google show IDE Group's share price has been dropping since August 26, falling from 1.20 to 0.94 on September 1, as of 11.20am.