Sports Direct owner cheers 'great' sales momentum ahead of Christmas

Sports Direct parent firm Frasers Group is heading into the key Christmas trading period with "great momentum" as bosses said its "elevation strategy" is paying off. Picture supplied by Sports Direct.

The firm, which is majority owned by Mike Ashley, saw both profits and revenues rise over the latest half-year.

Group revenues increased by 4.4 per cent to £2.77bn for the six months to October 29, compared with the same month last year.

Meanwhile, adjusted pre-tax profits increased by 12.6 per cent year-on-year to £303.8m as strong profitability from Sports Direct helped to offset lower profits from the sale of properties.

It came as the company continues to push forward with its "elevation strategy" under chief executive Michael Murray, who is also the son-in-law of Mr Ashley.

Mr Murray said: "We have delivered a strong performance in the first half of the year, with great momentum as we head into the Christmas trading period.

"The elevation strategy continues to drive strong trading performance across the business with good growth in Sports Direct supported by our brand partners."

Frasers has focused on improving brand partnerships through the strategy, as well as seeking to grow its premium business, with acquisitions and the opening of more stores under its Flannels brand.

Revenue in the group's premium arm was 3.1 per cent higher for the half as recently-bought brands helped to offset House of Frasers store closures.

Mr Murray also cautioned over weakness of the luxury market as consumers continue to feel the pinch from the higher cost-of-living.