(Alliance News) - Frasers Group PLC on Thursday said revenue rose 13% to GBP2.64 billion in the six months that ended October 23 from GBP2.34 billion a year prior, largely due to acquisitions.

The Shirebrook, England-based retailing group owns the Sports Direct, Frasers and Flannels chains, among others. It said that, excluding acquisitions, revenue fell 3.1%, mostly due to a reduction at video game retailer Game UK and a strong comparator after shops reopened from lockdown in March 2021.

Pretax profit jumped 53% to GBP284.6 million from GBP186.0 million.

Frasers reiterated its guidance for adjusted pretax profit of GBP450 million to GBP500 million in its financial year 2023 ending in late April, noting "strong strategic and trading momentum". That is at least 32% higher than the GBP339.8 million adjusted pretax profit the company posted for financial year 2022.

Frasers decided not to declare a dividend for the period, unchanged from a year prior, but noted it repurchased GBP80.4 million in shares, or 2.5% of its share capital, during its buyback programme in the recent half. A year ago, it did not buy back shares during the first half of financial year 2022.

Frasers noted its holds about 34% of German fashion house Hugo Boss AG as of November 4, through a combination of direct and indirect financial instruments.

Frasers shares were down 7.3% to 830.00 pence each in London on Thursday morning.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2022 Alliance News Ltd. All Rights Reserved.