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Frasers Group PLC on Thursday said revenue rose 13% to £2.64 billion in the six months that ended October 23 from £2.34 billion a year prior, largely due to acquisitions.
The Shirebrook, England-based retailing group owns the Sports Direct, Frasers and Flannels chains, among others. It said that, excluding acquisitions, revenue fell 3.1%, mostly due to a reduction at video game retailer Game UK and a strong comparator after shops reopened from lockdown in March 2021.
Pretax profit jumped 53% to £284.6 million from £186.0 million.
Frasers reiterated its guidance for adjusted pretax profit of £450 million to £500 million in its financial year 2023 ending in late April, noting ‘strong strategic and trading momentum’. That is at least 32% higher than the £339.8 million adjusted pretax profit the company posted for financial year 2022.
Frasers decided not to declare a dividend for the period, unchanged from a year prior, but noted it repurchased £80.4 million in shares, or 2.5% of its share capital, during its buyback programme in the recent half. A year ago, it did not buy back shares during the first half of financial year 2022.
Frasers noted its holds about 34% of German fashion house Hugo Boss AG as of November 4, through a combination of direct and indirect financial instruments.
Frasers shares were down 7.3% to 830.00 pence each in London on Thursday morning.
By Tom Budszus, Alliance News reporter
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