Vitafoam Nigeria Plc has notified the Nigerian Stock Exchange that there will be a delay in the release of the company’s audited financial statements for the year ended September 30, 2014 and the unaudited accounts for the first quarter ended December 31, 2014.

The Exchange said Vitafoam had explained that the delay was as a result of challenges associated with its ongoing migration from Sage Line 500 accounting software to the newly acquired Sage ERP X3 Package.

The company explained that the implementation of the new software had impacted the timelines previously set for the preparation and audit of the year end accounts.

The company is, however, hopeful that the issues will be satisfactorily resolved as soon as possible.

Listed in the household durable sub-sector of the consumer goods sector, Vitafoam Nigeria has a market capitalisation of N2.940bn and 819 million shares on issue.

The company is into the manufacturing distribution of flexible and rigid foam, technical foam products and fibre products.

Vitafoam Nigeria had paid a dividend of N245.7m to its shareholders for the financial year ended September 30, 2013.

Vitafoam’s financial results for the year had showed that its turnover rose by 12.85 per cent to N16.339bn, from the N14.479bn it recorded in the year ended September 30, 2012.