Home Business NewsBusinessBusiness Growth News Frasers Group reports ‘record’ financial performance as profits double

Frasers Group reports ‘record’ financial performance as profits double

by LLB Finance Reporter
27th Jul 23 11:21 am

Frasers Group has reported “record” financial performance as profits doubles which comes as the high street empire rapidly grows.

Sports Direct owner Frasers Group who own Jack Wills and House of Fraser reported in the year to the end of April a pre-tax profit of £662 million which almost double of the £336 million made in 2022.

Frasers Group owns Boohoo and Curry’s and made new acquisitions which includes Gieves & Hawkes and Savile Row.

The annual group revenue soared by more than 15% to £5.6 billion as a direct result of the acquisitions.

Non-executive chairman David Daly said, “With this fantastic team in place, the business has more energy and drive than ever before and is clearly benefiting from the clarity and strategic direction that Michael brings to the role.”

Mike Ashley is still the majority shareholder of Frasers after he stepped down from the board in 2022.

Michael Murray said, “In my first full year as chief executive, we have delivered a strong performance across the group.

“We were bold in setting our full-year guidance 12 months ago, before the full impact of the cost-of-living crisis was clear, but our business has remained resilient, and we have met these expectations.”

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