REG - Brown (N.) Group PLC - Update on IFRS9

N BrownAnnouncement

08/05/2018 12:20

2018-05-08T11:18:43.386Zreuters.comtag:reuters.com,2018-05-08:newsml_RSH3763Na:13TXT
This file is provided for EAP sample purposes only; it's structure and detail are subject to change, and should not be used as a definitive reference for actual development and processing.2018-05-08T11:18:43.386Z2018-05-08T11:18:43.386Z____UCDP:parsn_lse_10.54.4.69_1.2.37235:2019-06-08T11:18:43.386Z3RSH3763NaREG - Brown (N.) Group PLC  - Update on IFRS9Apparel & Accessories Retailers (TRBC level 4)Apparel & Accessories Retailers (NEC) (TRBC level 5)Specialty Retailers (TRBC level 3)Consumer Cyclicals (TRBC level 1)LEGACY: Cyclical Consumer Goods & Services (TRBC)Retailers (TRBC level 2)Western EuropeUnited KingdomEuropeAll RetailSuggested SourcesConsumer Products and ServicesServicesNews AnnouncementsRegulatory Corporate News AnnouncementsCompany NewsEurope daily earnings hits & missesN Brown Group PLC








RNS Number : 3763N
Brown (N.) Group PLC
08 May 2018
 

8th May 2018
 
 
 
UPDATE ON IFRS9
 
In our recent full year results announcement on 26th April, as part of our disclosures on the expected impact of the introduction of IFRS9, we stated that one of the final aspects of the modelling and analysis still underway related to whether or not undrawn credit balances should be included or excluded from the calculation of the provision.
We have now agreed with our auditors that these balances should be excluded from the provision. As previously indicated, the exclusion of undrawn credit balances will materially reduce the IFRS9 provision, by approximately half the previously announced potential increase of £120m. The exact quantification of the IFRS9 provision is still being finalised with our auditors. We will provide a further update as part of our Q1 trading statement on the 14th June.
 
 
For further information: 




N Brown Group








Bethany Barnes (née Hocking), Director of Investor Relations and Corporate Communications


On the day: 07887 536153




Website: www.nbrown.co.uk


Thereafter: 0161 238 1845














MHP Communications








Andrew Jaques / Simon Hockridge / Nessyah Hart


0203 128 8789








NBrown@mhpc.com
 




 



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