Is it right to ask companies to delay their results because of coronavirus? It’s complicated

The move was made with the best of intentions as the pandemic takes hold, writes James Moore

Kingfisher, which owns B&Q, observed the moratorium on results requested by the FCA but put out a trading statement instead (Reuters)

Was the Financial Conduct Authority right to call for a moratorium on company results?

B&Q owner Kingfisher and Irn Bru maker AG Barr were two of the first major companies to be affected by its letter “strongly requesting” all public companies hold back, which was sent over the weekend.

The former nonetheless provided a fairly detailed trading update, with fourth quarter and full year sales figures, news on the dividend (wisely suspended), and the cash and debt position (both of considerable import and correctly included), along with coronavirus measures and the company’s view on the outlook.