new-recommended-broker-banner new-recommended-broker-banner

Mike Ashley Did it Again: Fraser Group Share Price Tumbles

Updated: 12 Aug 2020

Shares of Frasers Group PLC (LON: FRAS) dipped 2.3% on Wednesday after Mike Ashley’s firm delayed its annual results presentation for the second year in a row. 

new-recommended-broker-banner

Frasers Group, the owner of the sportswear giant Sports Direct and House of Fraser, was due to report its full-year results on Thursday 13 August. However, the retailer says it needs an additional week to complete its accounts.

“Due to the undoubted scrutiny of our accounts, management and our auditors RSM will take this extra week to robustly review the final accounts and ensure that all necessary disclosures have been completed,” the company said in a statement. 

Last year, Ashley’s Fraser Group delayed the presentation of results as well. Yesterday, Fraser Group share price soared over 5.4% on reports that the firm is looking to buy 30 stores from rival retailer Debenhams. 

 Frasers Group share price plunged on delayed announcement of full-year results August 2020

Fraser Group share price now trades at 287.4p, which is 2.31% down on the day. 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .