IDE Group further postpones publication of final results to 2021

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

For the third time in 2022, the IT services management company has delayed announcing its full results for the year ending 31 December 2021.

MSP published a brief trading update in January, which said revenue growth in 2021 was above 20 per cent of that in 2020 on a like-for-like basis and would not be less than £14m.

The figure was based only on the going concern of the company, which underwent a drastic change with the sale of its Connect business to CloudCoCo for £250,000.

It wasn’t until June that IDE Group released a further statement saying it expected to publish its full results by the end of July – it cited the Covid pandemic as the reason for the delay.

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

In early August, the organization said that the final results for 2021 were expected to be published at the end of the month, but then on August 31 it again delayed their publication until the end of September 2022.

The IDE Group said: “The delay in publication is related to the cumulative impact of Covid, including associated Covid staff absences and the resulting impact on the audit process.

“Therefore, there will be a delay in the publication of the results.”

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