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

SPORTS DIRECT INTERNATIONAL

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Sports Direct International : RSM clears out bosses after auditor discovers £4m error in own books

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01/06/2020 | 01:12am EST

THE NEW auditor for retail chain Sports Direct has cleared out its top management team and reported itself to the regulator after discovering an error in its own accounts.

Challenger firm RSM scored a coup last year when it was appointed as auditor to FTSE 250 retailer Sports Direct — now renamed Frasers Group.

However, accounts for the year to 31 March for RSM UK Holdings — published this weekend on Companies House — showed the firm made errors in its provisions for professional liability claims in 2018 and in earlier years.

The errors had a net impact on profit of nearly £3.8m, RSM's accounts showed.

Last month, chief executive David Gwilliam, chief finance officer Nigel Tristem and chief operating officer Robert Ross resigned from their roles as a result of the error, first reported by the Sunday Times.

It is understood RSM reported the errors to audit regulator the Financial Reporting Council last month.

An RSM spokesperson said: "By way of response to these issues, the board made appropriate management changes.

"RSM remains in very strong financial health, well placed to capitalise on all the opportunities available to it in the market."

(c) 2020 City A.M., source Newspaper

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Financials (GBP)
Sales 2020 4 229 M
EBIT 2020 235 M
Net income 2020 139 M
Debt 2020 323 M
Yield 2020 -
P/E ratio 2020 18,8x
P/E ratio 2021 19,0x
EV / Sales2020 0,68x
EV / Sales2021 0,65x
Capitalization 2 536 M
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Technical analysis trends SPORTS DIRECT INTERNATIONA
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 3
Average target price 433,33  GBp
Last Close Price 503,00  GBp
Spread / Highest target 19,3%
Spread / Average Target -13,9%
Spread / Lowest Target -40,4%
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 INTERNATIONAL9.68%3 266
ULTA BEAUTY19.04%17 225
TRACTOR SUPPLY COMPANY5.95%11 720
NEXT1.54%11 696
GRANDVISION1.02%7 583
FIELMANN AKTIENGESELLSCHAFT-1.53%6 426