Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SPORTS DIRECT INTERNATIONAL

(SPD)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Sports Direct International : says happy with latest accounts after auditor quits

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/14/2019 | 11:27am EDT
Company logo is seen outside a Sports Direct store in Vienna

LONDON (Reuters) - Sports Direct has followed up a statement announcing the departure of its auditor Grant Thornton with another saying its board was comfortable with its latest accounts.

Shares of Sports Direct, led by Newcastle United owner Mike Ashley, were 9% lower at 214.8 pence by 1423 GMT on Wednesday.

Sports Direct, whose results were delayed last month after it received an 11th-hour tax bill from Belgian authorities that had to be assessed by Grant Thornton before it could sign off the numbers, said in an initial statement that the auditor had decided to quit following a review of its client portfolio.

It then issued a further statement, jointly with Grant Thornton (GT), saying it had a longer-term aim of looking to engage an auditor from the "Big Four" group of accountants who check the books of most of Britain's top companies.

The statement said the audit profession as a whole was reviewing client portfolios for, among other reasons, audit profitability, at a time of increased regulatory scrutiny.

"GT's review of its client portfolio alongside SD's future intentions on engagement of a Big Four auditor has led to a decision by GT to not seek reappointment as SD's auditor," the statement said.

"The board of SD are comfortable with SD's accounts for the period ended 28 April 2019 and believe a fully robust audit was carried out of SD's financial statements."

Grant Thornton, the group's auditor since 2007, will not seek reappointment at next month's annual shareholders' meeting of Sports Direct, which has expanded beyond its sportswear foundations with a string of acquisitions including struggling department stores group House of Fraser.

Ashley has lately admitted that buying House of Fraser may have been a mistake.

In its results statement last month Sports Direct had said Grant Thornton had "vast experience" of the company and it intended to reappoint the firm for another year.

It said discussions with other members of the Big Four had thrown up barriers, including potential conflicts of interest and in the case of PwC a reluctance to engage with Sports Direct.

(The story corrects spelling of company name in headline).

(Reporting by Paul Sandle; Additional reporting by Yadarisa Shabong in Bengaluru; Editing by David Holmes)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on SPORTS DIRECT INTERNATIONA
08/23SPORTS DIRECT INTERNATIONAL : eyes new auditors in wake of Grant Thornton exit
AQ
08/15SPORTS DIRECT INTERNATIONAL : Circ re. Company's Auditors and AGM
PU
08/15SPORTS DIRECT INTERNATIONAL : shares tank after auditor steps down
AQ
08/14LONDON STOCK EXCHANGE : FTSE 100 sinks to two month low on recession fears
RE
08/14EUROPE MARKETS: Europe Stocks Hammered As German Economy Heads Toward Recessi..
DJ
08/14SPORTS DIRECT INTERNATIONAL : says happy with latest accounts after auditor quit..
RE
08/14SPORTS DIRECT INTERNATIONAL : Statement from Sports Direct & Grant Thornton
PU
08/14LONDON MARKETS: British Stocks Struggle As Economic Concerns Reignite
DJ
08/14SPORTS DIRECT INTERNATIONAL : Statement Regarding Grant Thornton
PU
08/13SPORTS DIRECT INTERNATIONAL : Annual Report and Accounts and Notice of AGM
PU
More news
Financials (GBP)
Sales 2020 3 847 M
EBIT 2020 178 M
Net income 2020 104 M
Debt 2020 345 M
Yield 2020 -
P/E ratio 2020 12,8x
P/E ratio 2021 13,1x
EV / Sales2020 0,42x
EV / Sales2021 0,41x
Capitalization 1 264 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
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 3
Average target price 261,67  GBp
Last Close Price 246,60  GBp
Spread / Highest target 62,2%
Spread / Average Target 6,11%
Spread / Lowest Target -25,0%
EPS Revisions
Managers
NameTitle
Michael James Wallace Ashley CEO & Executive Deputy Chairman
David Daly Chairman
Karen Byers Head-Global Operations
Jonathan Kempster Chief Financial Officer & Executive Director
David Brayshaw Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
SPORTS DIRECT INTERNATIONAL3.70%1 551
ULTA BEAUTY31.56%18 829
TRACTOR SUPPLY COMPANY21.58%11 552
NEXT44.48%9 041
GRANDVISION43.13%7 736
FIELMANN AG18.80%6 030