Revolut is delaying its results for a 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 post its numbers on Companies House – repeating the extension it was given for its 2021 results last year.
Yet when these long-delayed accounts were eventually published in March this year, auditor BDO said it was not able to independently verify three-quarters of the banking firm’s £636million in revenue. It warned that some information may be ‘materially misstated’.
A Revolut spokesman yesterday said: ‘We have received an extension for the filing 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 licence would mean the group – which is headed by Nikolay Storonsky – would be able to expand its services in Britain into taking deposits and giving loans.
Tensions appeared boil over in April when Storonsky slammed the ‘long and tiring process’ while railing against tax and red tape in the UK.
Revolut had said in March that the licence was due ‘any day now’ – but it is still waiting. Some commentators have suggested the latest announcement of financial delays could have a knock-on effect on its application.
Neil Wilson, chief analyst at Markets.com, said: ‘I would be thinking this may affect licence application given it’s not the first time and it’s not had a great year.’
The Financial Conduct Authority and Prudential Regulation Authority declined to say what impact a filing delay would have on Revolut’s bid for a banking licence.
Revolut was once hailed as a ‘shining’ success for British tech by Chancellor Jeremy Hunt.
It attracted City heavyweights such as fund management veteran Martin Gilbert, who is Revolut’s chairman.
But things have turned sour and a licence rejection would add to the long list of problems incurred by Revolut so far this year, including senior members of staff leaving.
Finance boss Mikko Salovaara stepped down this month for ‘personal reasons’, its UK banking chief James Radford resigned in March and the chief operating officer Michal Laube left in February.
