Last checked at 29 Apr 2022 16:00
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 LEI: 213800JEGHHEAXIJDX34 |
T. 0344 245 9200 E. investor.relations@frasers.group
|
Chris Wootton, Chief Financial Officer | T. 0344 245 9200 E. financial@frasers.group |
Ronnie Laffar, Head of PR & Communications
| T. 07585886189 E. fgpr@frasers.group
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