This additional delay is the result of positive developments within the company, notably the transition to a new Chief Financial Officer (CFO) and a comprehensive reorganisation of the Group following recent mergers with PK Chemicals and Amniotics AB. These changes have added complexity to the year-end financial reporting process as the company integrates its expanded operations, but they are essential to ensure the annual financial results are accurate, thorough, and transparent.

Integration of Acquired Companies

As part of the ongoing reorganisation, Magle Group’s finance team is incorporating the newly acquired businesses into the Group’s consolidated accounts. In particular, the team is undertaking:

• Merging the financial accounts of PK Chemicals and Amniotics AB with Magle Group’s existing statements.
• Recognizing all assets and liabilities from these entities in Magle Group’s balance sheet.
• Conducting thorough valuations to ensure all assets are accurately reflected.

These processes are complex and time-consuming, but deemed necessary to deliver high-quality, transparent financial reporting. Magle Group acknowledges that investors, analysts, regulators, and the public expect reliable and timely information, and the Group is taking these steps to meet those expectations with the highest standards of quality.

“We understand the importance of timely financial reporting for our stakeholders, but we also know that accuracy and transparency must come first,” said Aaron Wong, Chief Financial Officer of Magle Group. “By taking the extra time to fully integrate our new acquisitions and verify all figures, we are laying a stronger foundation for Magle Group’s long-term value creation, which will ultimately benefit all our stakeholders.”

The Annual Report for 2024 is now expected to be published on May 5, 2025. Magle Group will continue to keep stakeholders informed about the new reporting timeline and appreciates their patience and support during this process.