UK: interim management statements - Deloitte survey

Deloitte has published a report titled "First IMpressionS – The first year’s interim management statements", which considers UK listed companies' publication of twice yearly interim management statements (as required by Disclosure and Transparency Rules). The report covers a sample of 130 companies and in the press release accompanying the report's publication it is stated:

In terms of strict compliance with the rules, first impressions are that companies could do better: 4% of the selected companies simply failed to issue an IMS; only 9% received a tick in all the compliance boxes; 6% of companies were late in producing their IMS. For most, the delay was only up to a week. For one, the delay was a month; and the poorest area was, perhaps surprisingly in these economic times, providing a general description of the financial position of the company.

At another level, it appears that companies, investors and the market have coped well with the new requirements. There have been no major signs that the IMS is seen as an excessive and unnecessary burden. Admittedly this may be because the IMS replaced the threat of UK companies being forced to issue detailed quarterly financial reports. While many companies voluntarily reported more often, the IMS has formalised more frequent communication by all".