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Wirecard delays final results statement for a third time

Wirecard delays final results statement for a third time

German payment processor Wirecard has delayed the publication of its 2019 final results for a third time and postponed its Annual general Meeting until August as it awaits the outcome of audit procedures.

Initially scheduled for 8 April, the firm says consolidated financial statements will now take place on 18 June.

The change in scheduling comes as Wirecard battles allegations of accounting irregularites and balance sheet manipulation. Shares in the processor have dropped by 36% since the release of a forensic audit of its earnings by KPMG. The accounting firm said it had insufficient information to disprove the allegations, made by the Financial Times.

In the interim, Wirecard has appointed a new compliance officer and hedge fund TCI has demanded the removal of chief executive Markus Braun.

In February 2020, the company had reported preliminary sales revenue growth of 38 percent to EUR2.8 billion and preliminary EBITDA of EUR785 million (+40%). The firm says that it expects there will be "no significant deviations" from these figures.

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