Sports Direct, the British sporting goods retailer controlled by Mike Ashley, tested investors patience today, issuing three statements saying it was still finalising its already delayed full-year results.
The group's latest statement said it would update again at 4pm but gave no reason for the push back.
Sports Direct had said on Wednesday it would publish the results on Friday and they were initially due at 7am.
Its shares, 62% of which are owned by Ashley, were down 4% this afternoon, extending year-on-year losses to 44%.
"This is no way to run a public company," said independent retail analyst Nick Bubb.
The results were originally due out on July 18, but the firm and its auditor Grant Thornton UK needed more time to prepare the accounts.
On July 15 Sports Direct blamed the delay on the complexities of the integration of the House of Fraser business it acquired out of administration last year for £90m.
It also cited the uncertainty over the future trading performance of this business, together with tighter regulatory scrutiny of its auditor Grant Thornton UK, for the delay.
The results are keenly anticipated because they will reveal the extent of the problems Sports Direct has had with House of Fraser.
Ashley, Sports Direct's founder and chief executive, also owns Premier League soccer club Newcastle United.
The results delay is the latest in a long list of missteps by Sports Direct and Ashley that has severely tested the firm's relationship with investors, who have been critical of the firm's corporate governance and employment practices.
Last year Ashley said he had been "stabbed in the back" by shareholders who had failed to support his board.
Since Sports Direct floated in 2007, there has been periodic speculation that Ashley might take the firm private.
However, analysts say he wants to retain Sports Direct's listed status because he believes it gives the firm gravitas in its negotiations with key suppliers - Nike, Adidas, Puma and Under Armour.
Sports Direct said on Wednesday the results were expected to be within guidance issued by the company in September.
Excluding House of Fraser, growth in underlying earnings before interest, tax, depreciation and amortisation (EBITDA) was put in a range of 5% to 15%.
Including House of Fraser, underlying EBITDA was forecast to be lower than the 2017/2018 result.
Sports Direct's core chain has been a relatively resilient performer in recent years, compared with a string of British retailers that have either gone out of business or closed stores due to subdued consumer spending and a shift to shopping online.
But the group has also engaged in a raft of dealmaking that has complicated the business and stretched its management.
This year it tried and failed to buy department store group Debenhams before it fell into administration, wiping out Sports Direct's near 30% equity stake.
Sports Direct also controls video gaming retailer Game Digital, while other investments include big stakes in French Connection, Findel and Goals Soccer Centres.
Other purchases include Sofa.com and Evans Cycles.
