Ashley step closer to £24m payout

The group, which has 395 stores and brands including Slazenger, Donnay and Karrimor, posted underlying earnings of £240.5m in the year to April 29, well ahead of the £225m needed under the bonus scheme.

Mr Ashley, the company’s executive deputy chairman, is on course to receive eight million shares in 2018 but the company must deliver earnings of £270m in this financial year, rising to £340m by 2015.

The company’s bonus scheme has also been motivating rank-and-file staff, with 2,000 workers due for a £15,000 windfall from a previous scheme next month.

A new arrangement involving 3,000 workers also passed its first earnings hurdle yesterday, fuelling hopes for 2,500 shares in 2015 and 7,500 shares two years later.

The group said current trading had been in-line with expectations and it was “very excited” by the Olympics.

Chief executive Dave Forsey said: “In spite of the low expectations surrounding England’s participation in Euro 2012 and the unseasonal weather our core divisions are performing well.”

Panmure Gordon analyst Philip Dorgan said it was disappointing that the company had not resumed dividend payments. But Sports said it was best to build up its balance sheet as it continued to look at “inorganic growth opportunities”, hinting more acquisitions could be on the cards.

The company recently bought Flannels, which runs stores in six city centres, as it looks to build up its premium lifestyle division.