Mike Ashley's Frasers Group delays results for second year running.

Mike Ashley’s Frasers Group has announced it will delay its annual results presentation for the second year running, claiming that the company needs more time to complete its accounts.

In a statement, the company said that the delay is "largely due to final IFRS 16 disclosures still being completed and reviewed," with the results for the period ending 26th April 2020 now anticipated to be published on 20 August 2020.

"For the avoidance of doubt we can confirm there are no significant matters to address outside of normal audit completion procedures and the final accounts disclosure review."

Investors in Sports Direct owner Frasers Group are hoping that the company will have been boosted by strong online sales when it reveals the impact of the pandemic for the first time.

Mike Ashley’s retail vehicle has remained quiet throughout the crisis so far, as high street rivals have announced job cuts, store closures and poor performances.

Shareholders will therefore be keen to understand the ramifications of the retail group closing its stores for around three months.

The retailer shut its stores in March, after facing criticism for initially claiming Sports Direct was an essential operator for keeping the nation fit in a bid to keep stores open.

Last year, Frasers Group, then named Sports Direct Group, – was called "an embarrassment to UK corporate governance" after a chaotic announcement of its annual results.

The results were initially delayed by over a week and then released once the market had closed on a Friday.