TIDMFRAS

RNS Number : 9054U

Frasers Group PLC

09 April 2021

Date: 9 April 2021

Frasers Group Plc

("Frasers Group" or the "Company")

COVID-19 Potential Accounting Impact on Asset Values

Further to our announcement on 23 February 2021, Frasers Group is continuing to assess the Covid-19 potential impact on asset values. In our ongoing assessment we note the continuing Government and Government advisor pronouncements regarding "third waves" and normality being "some way off", meaning further restrictions are in our view almost certain.

We also note the Covid-19 affected experiences, estimates, and judgements from other leading retailers.

Consequently, Frasers Group currently anticipates making material accounting non-cash impairments to freehold properties, other Property, Plant & Equipment, and IFRS 16 Right of Use Assets which could be in excess of GBP200m. This supersedes the previous announcement of 23 February 2021. Any such impairment would be in addition to impairments included in the half year results announced on 10 December 2020, and is expected to be included, subject to audit, with the Company's results for the financial year ending April 2021.

Ends.

   Frasers Group Plc                           T. 0344 245 9200 
   Tom Piper, Company Secretary    E. investor.relations@frasers.group 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCBCGDSSDGDGBI

(END) Dow Jones Newswires

April 09, 2021 02:00 ET (06:00 GMT)