RE: Half year results5 Jul 2025 19:36
TJBH > Yes, in the UK there is a period before a listed company (including a PLC) announces results during which it must disclose significant changes in expectations — this is governed by the Market Abuse Regulation (MAR) and the Listing Rules.
Key Points:
1. Obligation to Disclose Inside Information (MAR Article 17)
A UK-listed company must immediately disclose to the market any inside information — that is:
Precise
Not public
Relates directly to the company or its securities
Would likely have a significant effect on the share price if made public
A material increase in profit expectations or revenue outlook falls into this category.
Timing: This obligation exists at all times, not just before results. If the board becomes aware of a material uplift in expectations (e.g., from new data, internal forecasts), it must announce it without delay — even if the scheduled results are days or weeks away.
2. Pre-Close and Quiet Periods
While not legally binding, many companies follow a "quiet period" or "closed period" (typically 30 days before results), during which:
They refrain from commenting on performance
But must still disclose inside information if it arises
So if expectations change significantly during the quiet period, the company must still issue a trading update or profit warning/upgrade.
3. Profit Forecasts and Trading Updates (Listing Rules)
If a company has previously issued guidance and now expects its results to be materially different, the Listing Rules expect a corrective announcement.
Summary:
✅ Yes — if there's a significant increase in expectations, a UK PLC must disclose it immediately, regardless of the upcoming results date.
⛔ It cannot wait for the scheduled results day if the information is price-sensitive.