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High Street

Mike Ashley’s Frasers Group delays results for second consecutive year

Mike Ashley’s Frasers Group has announced it is to delay the publication of its annual results for the second consecutive year.

Frasers Group, which comprises House of Fraser, Sports Direct, Evans Cycle and Flannels, had been scheduled to release its latest set of financial results tomorrow (13 August) but it will now be pushed back to (20 August).

Fraser said that the delay was largely due to final IFRS 16 disclosures still being “completed and reviewed”.

It added that “due to the undoubted scrutiny” of its accounts, its auditors RSM will take the extra week to “robustly review” the final accounts.

The company said: “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 26 April 2020 will be published on 20 August 2020.

“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’s full-year results were also delayed citing “complexities” around its House of Fraser acquisition but was eventually revealed it was due to a shock revelation of a €674m (£614m) Belgian tax bill.

The company’s auditor at the time, Grant Thornton, resigned in the wake of the announcement which led to a prolonged search for its replacement, RSM.

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