Update on IFRS9

RNS Number : 3763N

Brown (N.) Group PLC

08 May 2018

 

8^th May 2018

UPDATE ON IFRS9

In our recent full year results announcement on 26^th April, as part of our disclosures on the expected impact of the introduction of IFRS9, we stated that one of the final aspects of the modelling and analysis still underway related to whether or not undrawn credit balances should be included or excluded from the calculation of the provision.

We have now agreed with our auditors that these balances should be excluded from the provision. As previously indicated, the exclusion of undrawn credit balances will materially reduce the IFRS9 provision, by approximately half the previously announced potential increase of £120m. The exact quantification of the IFRS9 provision is still being finalised with our auditors. We will provide a further update as part of our Q1 trading statement on the 14^th June.

For further information: 

N Brown Group
Bethany Barnes (née Hocking), Director of Investor Relations and Corporate Communications	On the day: 07887 536153
Website: www.nbrown.co.uk	Thereafter: 0161 238 1845
MHP Communications
Andrew Jaques / Simon Hockridge / Nessyah Hart	0203 128 8789
	[e-mail]

 

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