Brown (N.) Group PLC Update on IFRS9 (3763N)
08 May 2018 - 9:18PM
UK Regulatory
TIDMBWNG
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 GBP120m. 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 On the day: 07887
Hocking), Director of Investor 536153
Relations and Corporate
Communications
Website: www.nbrown.co.uk Thereafter: 0161
238 1845
MHP Communications
Andrew Jaques / Simon Hockridge
/ Nessyah Hart 0203 128 8789
NBrown@mhpc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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