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Dec. 16, 2019, 2:51 a.m. EST

Sports Direct pretax profit more than doubles

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By Adriano Marchese

Sports Direct International PLC said Monday that pretax profit more than doubled in the first half of fiscal 2020, benefiting from revenue growth.

For the six months ended Oct. 27 the retailer  , owned by Mike Ashley, said pretax profit on an IAS 17 accounting standard basis was 193.4 million pounds ($257.8 million), compared with GBP74.4 million in the prior year period. Underlying earnings before interest, taxes, depreciation and amortization--the company’s preferred metric which excludes exceptional costs--was GBP181.2 million, up from GBP148.8 million.

Revenue in the period rose 14% to GBP2.04 billion. The company said that, excluding acquisitions and on a currency neutral basis, group revenue decreased by 6.4% due to the continued implementation of its elevation strategy.

The company said that it expects underlying Ebitda for the full year to be between GBP356.4 million and GBP390.3 million.

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