The company reported a significant increase in profits for the year ending April 30, with adjusted pre-tax profit reaching £478.1m, up from £339.8m the previous year. This impressive performance falls within the forecast range of £450m to £500m.
Frasers Group foresees continued growth in the current financial year, expecting profit to rise by at least 5%. They project the adjusted pre-tax profit to be between £500m and £550m, indicating strong underlying trading profit progression.
The revenue for the 12-month period showed a nearly 16% rise, amounting to £5.57bn. This growth was primarily driven by acquisitions made during the year, including Missguided and Gieves & Hawkes, as well as the impact of a 53-week reporting year. Excluding these factors, sales would have seen a modest increase of 1.3%.
Frasers attributed the record performance to the success of their “elevation strategy” in the sports retail sector, which played a pivotal role in the positive outcomes for the company in 2023.
Michael Murray, the Chief Executive, expressed his satisfaction with the strong overall performance of the group during his first full year in this role. He acknowledged the initial ambitious guidance set a year ago, which was achieved despite challenges posed by the cost-of-living crisis.
Looking ahead, Frasers Group is confident in its strong position for the new financial year and aims to achieve further growth by focusing on and accelerating their elevation strategy.