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Gloucestershire Business News

Superdry delays full year results after a turbulent 12 months

Superdry will delay the announcement of its full-year results as it comes to terms with accounting changes and the recent boardroom upheaval.

The Cheltenham-based listed company was due to report on the year to 27 April 2019 on Thursday, July 4, but it will now release its accounts on Wednesday, July 10 instead.

In a statement released to the London Stock Exchange this morning, the company pointed to changes it outlined in a trading statement in may in regards to "onerous lease and store impairment charges."

Citing the complexity of that work, it said it had agreed with auditors to delay the reporting to allow the work to be completed.

In that May review, Superdry confirmed that profits were set to be below expectations after a rocky year that saw a bitter boardroom battle for control involving founder Julian Dunkerton.

Cheltenham-based Mr Dunkerton, who founded the brand and grew it to a PLC valued at more than £1billion left the board in 2017 to concentrate on his other business commitments.

After shares crashed in the company, he announced his intention to return to the board earlier this year, prompting a heated battle for control with the existing management.

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That led to a EGM vote when he was returned to the board by a narrow percentage, a move that led to the entire board resigning en masse.

Since then, Mr Dunkerton has spoken of his excitement of being back in the business and that he was confident that the brand was once again heading in the right direction.

In today's statement, the company confirmed that the results for the year to April 2019 were expected to be in line with the revised market expectations set out in the trading statement in May.

Profits are therefore expected to be in the range of £41.3million to £48.6million for the year.

Read more: Do plans hint at expansion for Superdry? 

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