Frasers logo

FRAS - Frasers News Story

563p -14.0  -2.4%

Last Trade - 8:20am

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £3.00bn
Enterprise Value £3.98bn
Revenue £3.81bn
Position in Universe 251st / 1828

Frasers Group PLC - COVID Potential Accounting Impact on Asset Values

Tue 23rd February, 2021 7:00am
RNS Number : 9626P
Frasers Group PLC
23 February 2021
 

Date: 23 February 2021

 

 

Frasers Group Plc

("Frasers Group" or the "Company")

 

COVID-19 Potential Accounting Impact on Asset Values

 

Further to the announcement by the Government on 22 February 2021 of details on the potential reopening of non-essential stores in England on 12 April 2021, Frasers Group currently anticipates making material accounting impairments to freehold properties, other Property, Plant & Equipment, and IFRS 16 Right of Use Assets. Given the length of this current lockdown, potential systemic changes to consumer behaviour, and the risk of further restrictions in future, we believe this non-cash impairment could be in excess of £100m. Any such impairment would be in addition to impairments included in the half year results announced on 10 December 2020 and is expected to be included, subject to audit, with the Company's results for the financial year ending April 2021.

 

 

Ends.

 

 

Frasers Group Plc                          T. 0344 245 9200

Tom Piper, Company Secretary    E. investor.relations@frasers.group

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCDBGDDLDDDGBD
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.