Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Sports Direct International    FRAS   GB00B1QH8P22

SPORTS DIRECT INTERNATIONAL

(FRAS)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Sports Direct International : Mike Ashley's Frasers cleared over bulk of Belgian tax case

share with twitter share with LinkedIn share with facebook
share via e-mail
01/30/2020 | 06:45am EDT
FILE PHOTO: Mike Ashley, founder and majority shareholder of sportwear retailer Sports Direct, leads journalists on a factory tour after the company's AGM, at the company's headquarters in Shirebrook

British sportswear retailer Frasers, formerly Sports Direct, said the Belgian Tax Authority will no longer pursue 491 million euros ($545 million) of its potential 674 million euros sales tax claim, removing a major uncertainty in the business.

The tax issue first came to light when Frasers, which is majority owned by Mike Ashley, reported 2018-19 results in July.

Shares in the group were up 1% at 1048 GMT on Thursday, extending gains over the last year to 79% and valuing the group at 2.55 billion pounds. Ashley owns 63.3% of its equity, according to Refinitiv data.

"This update is a clear positive, removing to a large degree a significant uncertainty that has been in place since the prelims," said analysts at Liberum.

Frasers said the Belgian Tax Authority confirmed in writing it had completed its review of "Matter 1" - which accounts for 73% of the possible claim - and was satisfied with the explanation provided.

The group, which made core earnings of 288 million pounds in 2018-19, said it is not required to make any payment to the authority regarding this part of the review.

"Our view at the time (July) was that this VAT bill was without merit so I am delighted we have so far been vindicated in that view with the extinguishment of the main part of the proces-verbal", said Frasers' finance chief Chris Wootton.

The group said it had however made some historical clerical reporting errors and would continue to fully engage with the tax authority in order to resolve "the smaller remaining matters".

"Frasers Group management still believe that it is less than probable that material VAT and penalties will be due in Belgium as a result of the tax audit," it added.

Last month the group forecast core earnings growth of as much as 15% in 2019-20, helped by a nascent turnaround at department store chain House of Fraser, which it bought out of administration in 2018.

(Reporting by James Davey; Editing by Paul Sandle and Jan Harvey)

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on SPORTS DIRECT INTERNATIONA
04/09SPORTS DIRECT INTERNATIONAL : Debenhams enters administration again
RE
04/09SPORTS DIRECT INTERNATIONAL : UK retailer Debenhams enters administration again
RE
03/27SPORTS DIRECT INTERNATIONAL : Mike Ashley 'deeply apologetic' for coronavirus bl..
RE
03/25SPORTS DIRECT INTERNATIONAL : Chair writes to JD Wetherspoon and Sports Direct
AQ
03/25SPORTS DIRECT INTERNATIONAL : IN FOR A PENNY Sports Direct hikes its prices afte..
AQ
03/24JD Sports delays results to May, cites ample cash resources
RE
03/23SPORTS DIRECT INTERNATIONAL : COVID-19 & Suspension of Share Buyback-Replacement
PU
03/20Britain's M&S warns of severe impact from coronavirus
RE
03/20STATEMENT RE : Covid-19
PU
03/20SPORTS DIRECT INTERNATIONAL : Privileged Material Saved From Regulator's View
AQ
More news
Financials (GBP)
Sales 2020 3 936 M
EBIT 2020 214 M
Net income 2020 82,0 M
Debt 2020 379 M
Yield 2020 -
P/E ratio 2020 11,9x
P/E ratio 2021 18,3x
EV / Sales2020 0,39x
EV / Sales2021 0,41x
Capitalization 1 159 M
Chart SPORTS DIRECT INTERNATIONAL
Duration : Period :
Sports Direct International Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SPORTS DIRECT INTERNATIONA
Short TermMid-TermLong Term
TrendsBearishBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 3
Average target price 350,00  GBp
Last Close Price 230,80  GBp
Spread / Highest target 160%
Spread / Average Target 51,6%
Spread / Lowest Target -13,3%
EPS Revisions
Managers
NameTitle
Michael James Wallace Ashley Chief Executive Officer
David Daly Non-Executive Chairman
Chris Wootton Chief Financial Officer
David Brayshaw Non-Executive Director
Nicola Frampton Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
SPORTS DIRECT INTERNATIONAL-49.67%1 443
CHEWY, INC.46.93%17 104
ULTA BEAUTY-20.01%11 402
TRACTOR SUPPLY COMPANY-5.58%10 237
NEXT-34.11%7 343
GRANDVISION N.V.-16.30%6 366