Sports Direct results delayed again


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Sports Direct results delayed again
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omenator Offline

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Sports Direct results delayed again

There is confusion surrounding the release of results from Mike Ashley's Sports Direct, after the firm failed to publish them early on Friday morning.

In a statement, Sports Direct said it was "still finalising" the results, and would give a further update at 16:00.

It is extremely unusual for results to be delayed in this way. One analyst called events "an utter shambles".

The full-year results have already been delayed once - originally they were due to be reported on 18 July.

At the time, Sports Direct blamed the delay on uncertainty over the future trading performance of the House of Fraser chain, which it bought last year, as well as increased scrutiny of its auditor Grant Thornton. It also indicated that it might not achieve its profits forecast.

UK-listed companies normally publish their results at 07:00, before the London markets open at 08:00. Sports Direct had also been due to give a presentation to investors and media at 09:00.

However, after the results failed to arrive, the firm apologised for the delay and for cancelling the presentation at the last minute.

At midday Sports Direct said it would provide an update at 14:00. Shortly after that time, the company issued a statement that said: "We are still finalising our preliminary results and will update you again at 16:00."

Neil Wilson, chief market analyst for Markets.com, said the events were "a total and utter shambles" that "betrays a number of problems at the business after [Mr] Ashley embarked on his rather random acquisition spree."

"Above all it betrays a total disregard for shareholders," he said.
26th July 2019 02:58 PM
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ToonArmy1892 Offline

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RE: Sports Direct results delayed again

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Please let it be true.
26th July 2019 04:45 PM
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Figs Offline

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Sports Direct results delayed again

Its ok he will take it oot the Toon and put them in the shit.... To Cover his Company..
26th July 2019 05:17 PM
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Jinkyjim Offline

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Sports Direct results delayed again

Problems at House Of Fraser, are Terminal.....

Phillip Green and Mike Ashley, two cheeks of the same ARSE..
26th July 2019 05:22 PM
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ToonArmy1892 Offline

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RE: Sports Direct results delayed again

Made ITV national news.

Glorious stuff.

Fuck you Mike.
(This post was last modified: 26th July 2019 06:15 PM by ToonArmy1892.)
26th July 2019 06:12 PM
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matthewa28 Offline

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RE: Sports Direct results delayed again

What goes around comes around. ??
26th July 2019 06:38 PM
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huntface Offline

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RE: Sports Direct results delayed again

Oh shit my £50 investment in SD so I could have a voice at the next AGM is looking risky.

That’s the last time I play the stock market
26th July 2019 07:00 PM
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liam1708 Offline

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RE: Sports Direct results delayed again

There's never been a better time than this for fans to punish the fat bsstard, don't waste this golden opportunity.... cut the head off the snake.
26th July 2019 07:33 PM
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ToonArmy1892 Offline

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RE: Sports Direct results delayed again

(26th July 2019 07:33 PM)liam1708 Wrote: Guests cannot see links in the messages. Please register to forum by clicking here to see links.There's never been a better time than this for fans to punish the fat bsstard, don't waste this golden opportunity.... cut the head off the snake.

Agreed.
26th July 2019 07:41 PM
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guff Offline

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RE: Sports Direct results delayed again

(26th July 2019 07:33 PM)liam1708 Wrote: Guests cannot see links in the messages. Please register to forum by clicking here to see links.There's never been a better time than this for fans to punish the fat bsstard, don't waste this golden opportunity.... cut the head off the snake.

Waits for t00nRyder to come round with the collection cup.
26th July 2019 08:50 PM
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Jinkyjim Offline

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Sports Direct results delayed again

If they owe, £600m + in Tax, that is from profits from turnover, I don't see what his problem is...
(This post was last modified: 27th July 2019 11:16 AM by Jinkyjim.)
27th July 2019 09:12 AM
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tino Offline

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RE: Sports Direct results delayed again

HoF another due diligence failure
27th July 2019 09:32 AM
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omenator Offline

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Sports Direct results delayed again

Shares in Mike Ashley's Sports Direct have plunged by up to 27% as investors gave their first reaction to financial results - delayed several times in bizarre fashion last week.

The stock fell sharply at the open to levels not seen for eight years before settling around 10% down in early trading on Monday morning.

It was not until after dealing had concluded on Friday that the retailer finally revealed numbers for the year to the end of April after several false starts.

They showed not only the expected drag that the purchase of House of Fraser (HoF) had proved but also, contained at the bottom of the document, was news of a shock £605m tax demand from authorities in Belgium.

The bad news did not stop there.

Also included was confirmation that finance director John Kempster was joining other key lieutenants of Mr Ashley's in leaving the business recently.

But crucially, there was no guidance on future performance - except a warning that HoF's problems threatened group profitability and therefore dividends.
29th July 2019 11:54 AM
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ToonArmy1892 Offline

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RE: Sports Direct results delayed again

Keep it coming.
29th July 2019 12:13 PM
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omenator Offline

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RE: Sports Direct results delayed again

Sports Direct mogul Mike Ashley suffered a fresh setback as it emerged Grant Thornton is to quit as the retailer's auditor.

The auditor is stepping down following the shock revelation of a £605 million tax bill disclosed in the company's accounts last week.

It plans to resign after the general meeting in September, after being informed of the tax liability just hours before it was due to sign off the accounts. Grant Thornton has been signing off Sports Direct's accounts since the chain listed in 2007.

The company is also responsible for auditing Mash Holdings, Ashley's personal company which is Sports Direct's biggest shareholder, as well as Newcastle United FC, which is owned by the billionaire tycoon.

It is not known whether Grant Thornton will continue to work on Mash Holdings and the football club's accounts, but it will pile further pressure on Ashley, 54, whose plans to save the High Street have turned sour recently.
30th July 2019 10:09 PM
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ColoradoMagpie Offline

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Sports Direct results delayed again

1) what's "high street?"
2) why's it need saving?
3) ashley is only 54.. fuck.. I have 2 years to become a millionaire. already missed out on buying our club in my 40's. :-(
31st July 2019 04:23 AM
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lipsquid Offline

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Sports Direct results delayed again

The "High Street" is shopping that is situated in town centres rather than retail outlets on the outskirts. It is generally felt that when larger businesses leave a town centre less people are attracted and thus the smaller, independent businesses suffer from the reduced footfall.
31st July 2019 05:11 AM
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huntface Offline

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Sports Direct results delayed again

I see one of his other investments, Goals! is right up shit creak.

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2nd August 2019 09:05 AM
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guff Offline

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RE: Sports Direct results delayed again

(31st July 2019 04:23 AM)ColoradoMagpie Wrote: Guests cannot see links in the messages. Please register to forum by clicking here to see links.1) what's "high street?"

Gateshead had an infamous one. As well as the shops, at almost every intersection there was at least one pub. On Friday nights my Grandfather used to go boozing - these were the days of unpredictable beer so they'd work their way down the High Street, sampling the ale until they found a decent one then start drinking. If they didn't find one, they'd catch a tuppenny tram over the Tyne Bridge and try their luck in Newcastle.

[Image: _wsb_500x344_LS001506.jpg]
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2nd August 2019 09:26 AM
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omenator Offline

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RE: Sports Direct results delayed again

(2nd August 2019 09:05 AM)huntface Wrote: Guests cannot see links in the messages. Please register to forum by clicking here to see links.I see one of his other investments, Goals! is right up shit creak.

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2nd August 2019 09:35 AM
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huntface Offline

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RE: Sports Direct results delayed again

(2nd August 2019 09:35 AM)omenator Wrote: Guests cannot see links in the messages. Please register to forum by clicking here to see links.
(2nd August 2019 09:05 AM)huntface Wrote: Guests cannot see links in the messages. Please register to forum by clicking here to see links.I see one of his other investments, Goals! is right up shit creak.

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You never know, he might fall off the back of a speedboat Confused
2nd August 2019 10:39 AM
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