City on alert as Covid forces companies to delay key results

Accountants warn home-schooling is sapping resources
School closures and childcare demands have reduced the working hours of many finance professionals
School closures and childcare demands have reduced the working hours of many finance professionals
ALAMY

City watchdogs are in talks over mounting concerns that a wave of listed companies may have to delay their results because of the disruption caused by the latest Covid-19 lockdowns.

Bosses and auditors are scrabbling to work out whether they can publish final results for 2020 amid a huge backlog of work and pressure on staff from school closures. Crucially, they are trying to determine whether they can give investors and customers confidence that their businesses are viable through “going concern” statements.

A joint announcement from several regulators is expected within days urging the finance executives and external auditors to communicate swiftly if they have any difficulties in publishing results on time. This is the peak auditing season as many companies’ financial years end in