Picture: SUPPLIED
Picture: SUPPLIED

Struggling health and wellness company Ascendis Health said on Wednesday it will delay the release of its results for the year to June until October 4.

The debt-laden company did not give reasons for the delay. The results were scheduled to be released on Wednesday.

“The board and management apologise for the inconvenience caused by the delay in the release of the results and the investor presentation,” it said. 

The debt-laden company said in September that former Truworths International CFO Mark Sardi would take over as CEO with effect from October 14, to replace Thomas Thomsen whose contract was terminated in May.

Ascendis’s debt stood at R5.3bn as at December 31.

Ascendis chair Andrew Marshall said Sardi’s priorities included turning around the company’s underperforming businesses, disposing of non-core assets, reducing debt and improving cash management.

Sardi, a chartered accountant, is a former joint head of investment banking at Nedbank Capital, and had been deputy CEO of generic pharmaceutical business Cipla SA.

Ascendis shares were down 4.55% to R4.20 on Wednesday.

njobenis@business.co.za