Sports Direct Sees Pretax Profit Rockets 40%

Sports Direct has reported a full year pretax of £207.2m, showing a profit rise of 40% on last year's results.

Its UK retail like-for-like revenue increased 11.2% in the same period.

The Sportsworld empire, controlled by Newcastle United owner Mike Ashley, has now cleared another hurdle under a 2011 four-year share incentive bonus scheme for around 3,000 staff.

The group is halfway through the scheme, which comes on top of a lucrative bonus plan from 2009 set to pay out thousands of shares for each eligible employee next month.

For an employee earning a salary of £20,000 a year in 2009, next month's payout will see them pick up 12,000 shares - worth more than £68,000.

More than 2,000 of Sports Direct's 23,000-strong workforce will land share bonuses under the August payout.

But the group has revealed that it has decided to scrap plans to resurrect the contentious "super-strench" bonus plan for founder Mr Ashley and will review "various options" ahead of its annual general meeting in September.

The previous scheme, which would have delivered a potential £26m payout, was withdrawn last summer after investors threatened to reject it in a shareholder vote.

Sports Direct's profit hike comes over the past financial year as the group strengthened its grip on the market following the collapse of rival JJB.

It added that trading since the year-end has remained strong and ahead of management expectations for the first quarter.

Dave Forsey, chief executive of Sports Direct, said it was a "record-breaking year for the group and for British sport".

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