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Frasers Group PLC on Thursday reported interim profit growth and said it expects progress to continue. The Shirebrook, England-based owner of Sports Direct, Frasers and Flannels retail chains said pretax profit rose 8.0% to £310.2 million in the 26 weeks to October 29 from £287.2 million a year prior. Revenue climbed 4.4% to £2.77 billion from £2.65 billion. Retail operating costs only increased by 0.4% to £755.9 million from £752.6 million. Frasers paid no dividend, unchanged from a year prior. The company said premium lifestyle revenue grew 3.1% year-on-year, while international retail revenue climbed 13%. Chief Executive Officer Michael Murray said: ‘As noted at the [financial] 2023 preliminary results, [financial] 2024 started well. This strong trading momentum continued throughout the first half of [financial] 2024 and into the early recent weeks of the second half especially at Sports Direct.’ He added that looking ahead to the key Christmas trading period, the company remained confident of achieving adjusted pretax profit between £500 million and £550 million, at least 4.6% higher than £478.1 million reported for financial 2023. CEO Murray added: ‘We are building a diverse business for sustained multi-year growth. Our substantial ongoing investment into our elevation strategy, infrastructure and new business integrations continues to unlock that potential, and we expect further profitable growth for [financial] 2025 and beyond.’ Frasers shares were 1.2% higher at 919.00 pence each on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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