- Huw Hughes |
The business empire of Sports Direct owner Mike Ashley saw profits drop by 64 percent to 102.5 million pounds for the year to end-April 2017, from 227.7 million pounds the year before.
Accounts filed at Companies House showed that while revenue at Mash holdings, Ashley’s personal investment company, jumped 11.7 percent to 3.2 billion pounds, margins were hit by the fall in the pound following the EU referendum, and higher depreciation costs.
Revenues at Sports Direct, which is one of Ashley’s key assets, rose by 11.7 percent to 3.24 percent in the same year. Turnover at Newcastle United Football Club, which the company also owns but is looking to sell, dropped 30 percent to 91.8 million pounds.
According to the accounts filed, the company is "currently not hedged for the full-year 2018 period and beyond".