Get ahead of the pack...
There's a growing trend across ASX-listed companies to release their results announcement to the market simultaneously with their annual report.
There's a growing trend across ASX-listed companies to release their results announcement to the market simultaneously with their annual report. Whilst this has the upside of delivering best-practice and continuous disclosure, there's a strong communications reason for it getting ahead of the majority of companies in the crowded reporting season.
ArmstrongQ has been working with clients to provide simultaneous reporting for over 20 years. We first implemented it for QBE back in the mid-1990s. In 2015 we implemented similar workflows for clients Recall and James Hardie.
By reaching the market early with your full reporting suite and key messages your company has the potential to receive greater attention and exposure. In addition, bringing all documents together means the business can focus on the year ahead, rather than being part way through the next first quarter reporting and having to return management's attention to the year just passed.
This year for the first time, Suncorp reported simultaneously, bringing the financial reporting process back a month and a half. Steve Johnston, Chief Financial Officer, said the group had altered the template of its financial reporting internally, to become more efficient and simple, but nothing had changed in terms of the volume of information and accuracy of data given to shareholders. Suncorp gained investors' full attention early, rather than being distracted by other larger companies, who report later in the reporting season. * **
This is certainly what Kevin Fletcher, CFO of Downer was focused on in a recent interview with the AFR. As well as using an enhanced audit report Fletcher commented "We want to get our story out there ahead of the pack so it's unfettered [by the market's reaction to competitors' results]." Mr Fletcher also said "We want to close Downer's books faster at half-year and full-year end, get investor road shows out of the way and have management focused back on the business." ***
Recent developments in design production processes have allowed ArmstrongQ to work with clients more seamlessly under time critical conditions, enabling clients to get to market ahead of the pack with well designed, strong communicative reporting.
Simultaneous reporting creates a much more time-critical workflow process with tighter deadlines and increased pressure at our end. However, enabling clients to gain greater exposure is what drives us.
If you're interested in exploring how you can get ahead of the pack with simultaneous reporting for your next results season, call us on (02) 9262 2310 and ask for Jennifer Armstrong or email Jennifer.