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Mike Ashley Did it Again: Fraser Group Share Price Tumbles

Nigel Firth
Nigel Frith trader
Updated 12 Aug 2020
OPEN DEMO TRADING ACCOUNT YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
Mike Ashley

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. 

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. 

Nigel Firth
Nigel Frith trader
Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.