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Sport & Leisure

Frasers Group reports 30% rise in half-year profits

Frasers Group has reported a 29.1% surge in after-tax profit to £84m in the 26 weeks to 25 October.

The Mike Ashley-owned retail group said lockdown closures across its non-essential stores have resulted in a 7.4% drop in group revenue to £1.9bn.

Over this period, Frasers Group’s sport retail business has fallen around 9.8% to £1.1bn.

The release of these results follow speculation that Frasers Group is in talks to take over department store Debenhams.

David Daly, the group’s non-executive chairman, said: “Unfortunately the Covid-19 crisis continues to be a significant issue for all of us and we are currently living through a second wave. This has resulted in more lockdowns and restrictions which are materially impacting the business.

“I do not wish to comment on the wider Covid-19 picture but from a general retail perspective it is impossible to ignore the lack of clarity of guidance when it finally arrives.”

He added: “Fortunately the Frasers Group is a strong business built on solid foundations. We can weather most of the storms faced this calendar year, however much of the UK High Street, which was already suffering before Covid-19, won’t survive unless the Government addresses the out of date business rates regime which is due to return come April 2021.”

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