WPP Scangroup to delay publishing its FY20 Financial Results

NAIROBI, Kenya, May 12- WPP Scangroup has announced that it will delay publishing its audited financial results for the year ended December 31 2020.

The group’s company secretary Winnie  Jumba through a statement said the release has been delayed by the ongoing investigations into the conduct of its former Chief Executive Officer Bharat Thakrar and the Chief Finance Officer Satyabrata Das who were suspended in February.

“The  board of directors wished to inform WPP Scangroup shareholders and the public that there will be a delay in the publication of the audited financial statements for the financial year ended December 31, 2020 due on April 30, 2021,” reads the statement.

As such, the board  has said it will  provide an update for the date of publication of the financial results by May 31 2021.

Scangroup’s net profit dropped 20 percent to Sh491.4 million in the year ended December 2019 compared to Sh612.2 million in 2018.

The NSE  listed firm went through managerial changes in March after ex boss Bharat Thakrar was forced to exit the company, alongside chief financial officer Satyabrata Das on allegations of financial misconduct.

Alec Graham has since been the Chief Operating Officer of the company on an interim basis as the search of a new boss started, in March.

Thakrar had been the face of Scangroup since August 29, 2006 and was also the top shareholder at that time with a 28.53 percent stake, which he sold over the years.