Following the removal of the requirement to publish interim management statements (IMS) at the end of 2014, while a number of companies took advantage of this regulatory change, many still continue to report quarterly in 2017. The IR Society recently surveyed its members on their reporting practices. This survey of 70 companies across a wide range of sectors concluded that 85% of companies still use a variant of quarterly reporting (2015: 98%); 10% still publish a formal IMS (2015: 80%); and 9% cite US practices as reason for continued full quarterly reporting (2015: 10%). The preferred format for those who still report quarterly is pre- or post- close trading updates.
IR Society view:
Many companies are indicating that they are still keen to maintain the use of a quarterly reporting framework as a means to keep the market informed, although we are now beginning to see a shift in the format and timing. Despite current sector differences in reporting, over time we will continue to see more companies updating the market with shorter statements and taking advantage of the flexibility in timing.
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Published: 26 January, 2017