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Sports Direct seeks to reassure rebellious shareholders ahead of AGM

Sports Direct has said it continues to trade in line with management expectations and is working towards hitting its lowered profit performance target of £420m.

Expected underlying EBITDA was revised down from £480m earlier this year, because planned acquisitions did not materialise. Profit targets for the following three years of the scheme remain in place.

Sports Direct chief executive Dave Forsey said: “We continue to focus on the roll-out of large-format city centre stores and the expansion of our national distribution centre in Shirebrook.

“Consistent with previous guidance we continue to target the revised underlying EBITDA target (before share scheme costs) of £420m for the current period.”

The update comes ahead of the retailer’s annual general meeting, which will take place in Shirebrook at 11am today. The trading update will cover the period from April 27 to September 8.

Sports Direct, which last week bought a 25% stake in Four Marketing, faces an uphill struggle at the meeting. 

Yesterday it emerged that Royal London Asset Management, an institutional investor that owns a 0.018% share in Sports Direct, plans to vote against the re-election of Mike Ashley to his current post of executive deputy chairman. The retailer also faces controversy over the re-election of its chairman, Keith Hellawell.

Sports Direct will report its interim results for the 26 weeks to October 25, 2015, on December 10.

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