REG - Frasers Group PLC - Update re Final Results Announcement

FrasersAnnouncement

29/04/2022 16:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220429:nRSc9297Ja&default-theme=true

RNS Number : 9297J  Frasers Group PLC  29 April 2022

Date: 29 April 2022

 

FRASERS GROUP PLC ("Frasers Group" or "the Company")

 

UPDATE RE: FINANCIAL RESULTS ANNOUNCEMENT

 

On 25 February 2022 Frasers Group plc ("Frasers Group") announced that it had
acquired digital retailer, Studio Retail Limited ("SRL") and certain other
assets of Studio Retail Group plc (in administration).

 

The SRL financial statements contain significant judgemental areas,
particularly around consumer credit related provisions under IFRS 9. Given the
financial services technical nature of the audit, it requires specialist
skills and experience.

 

Frasers Group has been informed that, due to the timing of the acquisition and
resource constraints within the audit industry as a whole, the SRL aspect of
the Frasers Group audit cannot be completed within the originally anticipated
time frame. Therefore, Frasers Group now intends to announce its group results
excluding SRL as planned during July 2022 and to announce the full group
results including SRL as soon as possible afterwards. This is currently
anticipated to be in September 2022.

 

Currently, subject to audit and year end procedures, Frasers Group including
SRL is maintaining its guidance of £300m-£350m adjusted PBT for the year
ending 24 April 2022.

 

Note:

Adjusted profit before tax (PBT) is reported profit before tax less the
effects of exceptional items, unhedged foreign exchange (FX), fair value gains
and losses on strategic investments, and share schemes.

 

 

Ends

 

 

 Frasers Group plc

 Thomas Piper, Company Secretary   T. 0344 245 9200

 LEI: 213800JEGHHEAXIJDX34         E. investor.relations@frasers.group
                                   (mailto:investor.relations@sportsdirect.com)

 

 Chris Wootton, Chief Financial Officer  T. 0344 245 9200

                                         E. financial@frasers.group (mailto:financial@frasers.group)

 

 Ronnie Laffar, Head of PR & Communications        T. 07585886189

                                                   E. fgpr@frasers.group (mailto:fgpr@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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSEMFLUEESESL