Revolut delays results for second year in a row… as company still awaits UK banking license
Revolut is delaying its results for the second year in a row as pressure mounts on the former fintech darling.
The company was due to publish its figures at the end of September, nine months after the end of the 2022 financial year.
But it has now been given until the end of December to publish its figures at Companies House, repeating the extension it was given for its 2021 results last year.
However, when these long-delayed accounts were finally published in March this year, auditor BDO said it had been unable to independently verify three quarters of the banking firm’s £636 million in revenue. He warned that some information may contain “material errors.”
A Revolut spokesperson said yesterday: ‘We have received an extension for the submission of our 2022 accounts.
Delayed: Revolut was due to publish its figures at the end of September, nine months after the end of the 2022 financial year
“We look forward to announcing our 2022 audit and annual report in due course.”
The delay comes as Revolut awaits a final decision on its two-year bid for a UK banking licence.
A license would mean the group, headed by Nikolay Storonsky, could expand its services in Britain to accept deposits and make loans.
Tensions appeared to flare in April when Storonsky harshly criticized the “long and exhausting process” while criticizing taxes and bureaucracy in the United Kingdom.
Revolut had said in March that the license was due to expire “any day now” but is still waiting. Some commentators have suggested that the latest announcement of financial delays could have a knock-on effect on its application.
Neil Wilson, chief analyst at Markets.com, said: “I think this may affect the license application, given it’s not the first time and it hasn’t had a great year.”
The Financial Conduct Authority and Prudential Regulation Authority declined to say what impact a delay in submission would have on Revolut’s bid for a banking licence.
Chancellor Jeremy Hunt once hailed Revolut as a “brilliant” success for British tech.
It attracted City heavyweights such as fund management veteran Martin Gilbert, chairman of Revolut.
But things have turned ugly and a license rejection would add to the long list of problems suffered by Revolut so far this year, including the departure of senior officials.
Finance chief Mikko Salovaara resigned this month for “personal reasons”, UK banking chief James Radford resigned in March and chief operating officer Michal Laube resigned in February.