BusinessCompany NewsHamleys man turns on quarterly reporting

Hamleys man turns on quarterly reporting

Simon Burke, chairman and chief executive of Hamleys, has become one of the first leading company directors to speak out against regulators' plans to force publicly listed companies to report on a quarterly basis.

As part of a review of the listing rules now under control of the Financial Services Authority, regulators are considering whether quoted companies should report on a quarterly basis, as in the US. But companies dispute UK regulators’ proposals.

In an interview with Accountancy Age, Burke, a chartered accountant, said: ‘I don’t think quarterly reporting is the answer. For a company like ours it would be farcical and very expensive.’

The FSA launched a review of its listing rules in March this year confirming that quarterly reporting would be considered as part of a ‘wider review of all listing rules’.

Burke said: ‘I’m not sure if we were to know what was going on quarterly in companies that it would make the market better informed.’

Burke added that Hamleys already delivered five trading updates a year to the City.

In the April edition of its briefing, the Institute of Directors said: ‘The frequency of regular reports might tempt directors not to make additional announcements between reporting dates.’

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