LONDON - ChallengerX plc (AQUIS: CXS), a company listed on the Aquis Stock Exchange, has released its Audited Annual Report and financial statements for the fiscal year ending June 30, 2024. The audit opinion on the financial statements has been qualified due to issues with the subsidiary Sports X SAS, which is currently in administration in France.
The auditors reported they were unable to obtain sufficient financial information and subsequent audit evidence to verify the financial results of Sports X SAS as of June 30, 2024. As a result, the financial outcomes of this subsidiary have not been consolidated within the overall financial statements. This is despite the legal requirement for consolidation under the Companies Act 2006 and the Financial Reporting Standard 102.
Due to the qualified audit, ChallengerX has committed to publishing management statements within one month of the quarter end for each quarter until an unmodified audit report can be issued. The company has scheduled the release of its next quarterly reports for the periods ending September 30 and December 31, 2024, by January 31, 2025, followed by the report for the quarter ending March 31, 2025, by April 30, 2025, and for the quarter ending June 30, 2025, by July 31, 2025.
This announcement is considered to contain inside information in accordance with the UK Market Abuse Regulation. The directors of ChallengerX have taken responsibility for the dissemination of this press release statement. The full Annual Report will soon be available on the company's website and will be distributed to all shareholders.
Investors are advised to review the full Annual Report for a comprehensive understanding of the company's financial position and the implications of the qualified audit. ChallengerX's commitment to increased reporting frequency aims to provide stakeholders with timely updates on the company's financial health as it works towards resolving the audit issues.
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