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Sports Direct full year profit jumps 20%

Annual sales at Sports Direct have soared 23.8% to £2.7bn, with pre-tax profits edging towards £250m.

The sports retail division, which is predominantly made up with the Sports Direct fascia, saw revenues  climb 24.1% to £2.2bn for the year to April 27, 2014. The group’s premium lifestyle division, which includes fascias USC and Van Mildert, saw sales rocket 49.4% to £214m while the branded division, which includes Slazenger and Dunlop, took revenues of £218m, up 4.1% on the previous year.

Underlying profit before tax was £249m, up 19.8% on the year before.

Chief executive Dave Forsey said: “Overall trading since the year end has been in line with management’s expectations with some stronger weeks offset by England’s disappointing World Cup matches.

“Through both individual hard work and operating as a team, against a particularly tough comparative which included the UEFA European Championships and the 2012 London Olympics, we have significantly out-performed the third underlying EBITDA target of £260m set under the 2011 employee bonus share scheme.

“This means that the group has now successfully met the first three targets and the board is very confident of achieving the final target of £300m under the 2011 employee bonus share scheme.”

He added that there was no change to Sports Direct’s target EBITDA of £360m for the current financial year.

Reaching this target will unlock a bonus of 25 million shares, worth around £200m, which Mike Ashley withdrew from yesterday, stating he wanted the “maximum number of shares available for the eligible employees”.

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