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COVID-19: A perspective on investor relations – interim reports

COVID-19: A perspective on investor relations

Bob Cowell, Director KPMG, provides an overview of what to expect from interim reports.

bob cowell

Director, KPMG Makinson Cowell

KPMG in the UK


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December year-end companies are getting ready for their interim results. Some will have been impacted greatly by the COVID-19 pandemic. We’ll be looking out for three things in the interims:

  • How much guidance companies are prepared to give for the full year. While we expect much more disclosure around cost cutting measures and impairment, we expect companies to remain cautious with their overall profit guidance.

  • What companies say about dividends. We doubt that many of the 42 top 100 companies that did not pay a final dividend will opt to pay an interim this year. Instead, we expect to see most of them making one dividend decision for  2020.


  • What those severely impacted say. For those companies seriously impacted, the detail behind the severe, but plausible, downside scenarios that underpin growing concern statements are going to be a focus.

It is important to remember equity investing is all about growth and the focus for investors will be on prospects for 2021 and 2022. Active fund managers will be trying to assess companies’ growth prospects in a post COVID-19 world. 

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