Source - RNS
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

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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