"Many Photos" - Mike Ashley's Sports Direct branded a 'shambles' as it delays publishing results for the second time

Sports Direct has revealed Belgian authorities are demanding €674million euros (£605million) in unpaid taxes, as it published its delayed results this evening.

Furthermore, its  chief finance officer Jon Kempster will step down in September, and will be replaced by his deputy, Chris Wootton.

In a higher irregular move, Sports Direct - owned by billionaire Mike Ashley - had moved back publishing its latest figures from 9am to noon, then 2pm and 4pm - before finally revealing them at around 5.30pm.

Analysts blasted the move as a 'shambles.' Results are usually published early in the morning, but Sports Direct said continuously said it was still 'finalising' its latest figures.

Delayed: Sports Direct has delayed the publication of its latest results, prompting analysts to blast the retailer as a 'shambles'

In a statement, it said: 'Jon came in during a transitionary period and his knowledge and experience has helped to guide the group through this stage in its development as well as passing on vital knowledge to those around him. 

'Jon was proactive in forging improved relationships with the market and we believe we are in a better place in this regard than when he first started.'  

Unsurprisingly, the FTSE-250 listed group's share price has been in the red for much of the day and is currently down 3.68 per cent or 8.80p to 230.40p.   

The results were originally due to be released last week, but were postponed as Mike Ashley's business wrestled with a string of complexities, largely related to its takeover of House of Fraser, which made its results more complicated and could alter its financial forecasts. 

The retailer was due to give a presentation to investors and media at 9am this morning, but this was cancelled at the last minute. 

In a statement this morning, Sports Direct said: 'Unfortunately we are still finalising preliminary results.

'We anticipate that our annual results will still be released today, with a presentation to follow, and will update again at midday.

'Apologies for any inconvenience.'

The decision to delay the publication of the results has been met with disdain by City analysts. 

Cancelled: Sports Direct was due to give a presentation to investors and media at 9am this morning, but this was cancelled at the last minute

Neil Wilson, an analyst at Markets.com, said: 'Another delay to Sports Direct's preliminary results has again sent the shares lower. 

'However the circa 2 per cent decline is not that large and highlights the total lack of visibility – there is not yet an indication that there is a material problem with the numbers, although one can draw one's own conclusions.

'The latest update is that there will be another update at midday. There is no presentation so hacks will not be pleased. 

'In short it's a total and utter shambles and betrays a number of problems at the business after Ashley embarked on his rather random acquisition spree. Above all it betrays a total disregard for shareholders.

'It not only raises questions about the haphazard way in which the investor relations and finance teams are run, but also could suggest a material problem with the numbers. Additionally it raises a question about whether Ashley will ultimately take the company private.'

David Madden, an analyst at CMC Markets, said: 'A delay on a delay isn’t a good look, and it suggests the company doesn’t have its act together.' 

Back in December, Sports Direct said that its underlying profits would rise by 5 per cent to 15 per cent, taking them to between about £321million and £352million. However, it admitted profits would fall once the effect of House of Fraser was included. 

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News Photo Mike Ashley's Sports Direct branded a 'shambles' as it delays publishing results for the second time
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