Frasers Group delays full-year results for second year in a row

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