(Reuters) - Publisher Wilmington Plc (WIL.L) said on Tuesday it expects to see a chunk of its revenue shift towards the second half of the year due to the impact of Britain’s snap December election and resulting delay in the autumn budget.
Wilmington said the shift in the government’s budget announcement until after the election means that revenue that it typically generates in November will now be recognised later in its financial year, an early example of the impact of Britain’s political paralysis on corporates.
Chief Financial Officer Richard Amos said accountants write budget briefing notes that are sent out to clients after the Chancellor issues a budget. “Clearly without a budget they don’t happen,” Amos said in an email.
New rules and laws are typically set out in the budget, meaning accountancy firms have to give new advice to clients and companies.
An early general election is set for Dec. 12 after Conservative Prime Minister Boris Johnson could not get his deal for Britain to leave the European Union through parliament by a deadline of Oct. 31.
The first Christmas election in Britain since 1923 would be highly unpredictable: Brexit has variously fatigued and enraged swathes of voters while eroding traditional loyalties to the two major parties, Conservative and Labour.
Reporting by Noor Zainab Hussain in Bengaluru; editing by Patrick Graham and Saumyadeb Chakrabarty