Tuesday, August 4, 2020

Shirebrook’s Sports Direct delays results due to complexities with House of Fraser

Sports Direct has delayed the publication of its preliminary results for the period ended 28 April 2019, which has seen a dive in shares.

The Shirebrook-headquartered firm has said that the delay is a result of the “complexities of the integration into the Company of the House of Fraser business, and the current uncertainty as to the future trading performance of this business, together with the increased regulatory scrutiny of auditors and audits including the FRC review of Grant Thornton’s audit of the financial statements of Sports Direct for the period ended 29 April 2018.” Sports Direct purchased house of Fraser for £90m last year.

The retailer says that these factors have led to a need for the Company to compile more information than in previous years for the audit of the period ended 28 April 2019. Grant Thornton is also said to have required additional time to complete its audit work for the period ended 28 April 2019 leading to the delay in the publication of the Company’s preliminary results announcement.

In a statement to London Stock Exchange, Sports Direct also noted that “there are a number of key areas to conclude on which could materially affect the guidance given in Sports Direct’s announcement of 13 December 2018,” in which, excluding House of Fraser, the business anticipated it would “be within [its] previously communicated underlying EBITDA growth range of 5-15% by year end.”

The Company now expects that its audited results will be published between 26 July 2019 and 23 August 2019. 

The news comes as Sports Direct’s offer for GAME was accepted.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 lockdown having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.






Latest news

PLC’s infrastructure head moves to Nottingham firm planning for growth

Nottingham-based civil and structural engineering consultancy BWB says it is planning for growth after revealing a flagship hire from a major PLC. The former head...

IoD appoints Policy Voice Ambassador for the East Midlands

The IoD has appointed James Pinchbeck as Policy Voice Ambassador for the East Midlands. James is a partner with Streets Chartered Accountants, a mid-tier and...

Portfolio of Northamptonshire industrial properties snapped up in £10.4m deal

A portfolio of five industrial assets in Northamptonshire have been acquired by a £100m multi-let investment fund for a total of £10.4m. Managed by property...

Pride Park offices sold

On behalf of private clients, FHP Property Consultants has sold 12 Mallard Way, Pride Park, Derby. The property comprises a two-storey end terraced office building...

Breedon completes CEMEX acquisition

Breedon, the Leicestershire-based construction materials group, has completed its acquisition of certain assets and operations from CEMEX, as announced in January 2020. The Competition and...

Related news

Contractor appointed to reopen Broadmarsh walkway

Steps are being taken to reopen the Lister Gate walkway which connects Collin Street and Lister Gate through the Broadmarsh Centre in Nottingham. Immediately prior...

PLC’s infrastructure head moves to Nottingham firm planning for growth

Nottingham-based civil and structural engineering consultancy BWB says it is planning for growth after revealing a flagship hire from a major PLC. The former head...

IoD appoints Policy Voice Ambassador for the East Midlands

The IoD has appointed James Pinchbeck as Policy Voice Ambassador for the East Midlands. James is a partner with Streets Chartered Accountants, a mid-tier and...

Portfolio of Northamptonshire industrial properties snapped up in £10.4m deal

A portfolio of five industrial assets in Northamptonshire have been acquired by a £100m multi-let investment fund for a total of £10.4m. Managed by property...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close