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Sports Direct  sees surge in profits

Sports Direct has reported increased revenues of £1.6 billion for the year to 24 April

CITY & CORPORATE

Sports Direct sees surge in profits

Pre-tax profit stood at £118.8 million, which was slightly down on the previous year. However, underlying profit before tax was up 32.7% to £135.5 million.

The company attributed its success partly to its Employee Bonus Share Scheme and said that it would pay full bonuses to qualifying employees as a result of targets being met.  The payment to employees is set to total a record breaking £87.5 million.

Sports Direct said the contribution of UK retail business to gross profits had increased 6.6% on a like-for-like basis.

Looking ahead, the company said it was confident of reaching its current year target of underlying EBITDA of £215 million. 
 
Sports Direct chief executive David Forsey said: "This has been an excellent year of growth for the group in what has been a challenging retail environment."

The company disclosed that it would not be paying shareholders a dividend this year.

The results come a week after Sports Direct announced it had bought an 80% stake in the USC and Cruise Clothing brands.

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