FY17 Guidance Update

RNS Number : 0310M
Sports Direct International Plc
07 October 2016
 

7 October 2016

 

SPORTS DIRECT INTERNATIONAL PLC

("Sports Direct" or the "Company")

 

FY17 Guidance Update

 

In the Trading Update provided on 7 September 2016, the Company stated that it expected FY17 Underlying EBITDA to be in the region of £300m. This guidance was based on a GBP/USD rate of approximately 1.30.

 

In light of recent downward currency movements, the Company entered into a hedging arrangement with respect to the GBP/USD rate. Extreme movements overnight resulted in a crystallisation of that rate at 1.19, resulting in a negative impact of approximately £15m on the Company's FY17 Underlying EBITDA expectation.

 

In addition, after taking into account the hedging referred to above, if the GBP/USD rate is 1.20 on average for the remainder of FY17, then the negative impact on the Company's FY17 Underlying EBITDA expectation would be in the order of a further £20m.

 

Ends.

 

Sports Direct International plc

Matt Pearson, Acting Chief Financial Officer

T. 0344 245 9200

 

KBA PR                                 

Keith Bishop

T. 0207 734 9995

 

 


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