8th May 2018

UPDATE ON IFRS9

In our recent full year results announcement on 26th 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 14th 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

NBrown@mhpc.com

Attachments

  • Original document
  • Permalink

Disclaimer

N.Brown Group plc published this content on 08 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 08 May 2018 11:29:03 UTC