- Huw Hughes
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Mike Ashley’s Frasers Group has delayed its annual results for the
second year in a row.
The company, whose portfolio includes brands House of Fraser, Jack
Wills, Flannels and Evans, was slated to publish its full-year results on
Thursday but has now said it needs more time to complete its accounts.
“Further to The Company’s announcement of 31 July, largely due to final
IFRS 16 disclosures still being completed and reviewed, it is now
anticipated that the Company’s full year results for the period ending 26th
April 2020 will be published on 20 August 2020,” the company announced
Tuesday.
“Due to the undoubted scrutiny of our accounts, management and our
auditors RSM will take this extra week to robustly review the final
accounts and ensure that all necessary disclosures have been completed. For
the avoidance of doubt we can confirm there are no significant matters to
address outside of normal audit completion procedures and the final
accounts disclosure review.”
Last year, the company – then called Sports Direct – delayed its results
for a week, citing a surprise 674 million euro (614 million pound) Belgian
tax bill. The company’s auditor at the time, Grant Thornton, stepped down
following the incident.
Photo credit: Sports Direct media centre
