When a stock market announcement comes through from Frasers Group, formerly known as Sports Direct, you never know what to expect. A rant from founder Mike Ashley at landlords, the government or his rivals? A shiny new acquisition? The resignation of its auditor?
Yesterday’s late-afternoon filing was to announce that its annual results would be delayed. Again.
The fashion group’s results were due on Thursday but will now be posted next week, which the firm said was due to IFRS 16 disclosures “still being completed and reviewed”. That’s the new financial reporting standard IFRS 16 that came into force on January 1, 2019.
It is not like Frasers Group has not had enough time to prepare for this new standard.
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