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Pentland Group revenues rise 14.2% in Olympics year

Pentland Group saw total revenues rise 14.2% to £1.74bn last year, with the Olympics fuelling growth from sportswear brands such as Speedo.

Sales at Pentland Brands, which owns labels such as Berghaus, Canterbury, Mitre, Boxfresh, and Red or Dead, rose 6.8% to £531m.

The retail division, which includes a 57% stake in JD Sports Fashion, saw revenues rise 7.4% to £1.11bn, excluding revenues from Blacks, which was acquired during the year.

This acquisition dragged operating profits down 11.7% to £89m, while pre-tax profits fell 44.6% to £63m as a result of exceptional charges relating to the acquisition.

But net cash at year end rose to £97m, up from £86m in 2011, with net assets rising by 4.4% to £553m.

Pentland chief executive Andy Rubin told Drapers the business had delivered “a record year” for brands including Speedo, Lacoste footwear, and Boxfresh.

He added: “From a Pentland Brands perspective, we had a very strong year in 2012, particularly from a UK point of view, where we grew by 18%.

“There’s no doubt the Olympics helped overall, but in summarising 2012 I’d say it was really starting to deliver on the investments we have put into global growth over the last 10 years.”

Rubin said the business had focused on “having the right product and the right partners – building a global portfolio”.  

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