Construction giant Raubex has hit the pause button on its much-anticipated annual financial results after receiving a report from a whistle-blower just weeks before the scheduled release on May 12.
The anonymous report, received on April 22, alleges unlawful or improper conduct within the group — prompting the company to delay publication while it undertakes an internal review.
“The board takes these allegations very seriously. In response, and as part of its commitment to upholding the highest standards of corporate governance, transparency and regulatory compliance, the board is taking independent legal advice as to how to deal with these allegations and is taking all necessary steps to investigate these allegations,” the company said in a Sens statement.
The allegations had not been substantiated and did not constitute proof of any unlawful or improper conduct by the group. The outcome of the investigation was not expected to affect the financial results, it said.
Raubex said the investigation was necessary before releasing its results and that the release of its audited financial statements for the year ending February 28 would be postponed.
The group said it was unable to provide a revised date for its financial results but aims to finalise and publish them as swiftly as possible.
“The company will update shareholders on the timing of the financial results once there is further clarity, noting that the investigation’s outcome is not expected to impact the results, and earnings and headline earnings per share guidance remain unchanged,” the group said.
The board also said it would keep shareholders informed of any material developments regarding the matter.
In trading statement released in March, Raubex forecast an increase of as much as 25% in headline earnings per share — which strip out one-off and exceptional items — for the year ended February, driven by improved earnings at three of its four divisions in the second half.
Earnings per share are expected to be 25%-35% higher than a year ago, it said.
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