Sports Direct profits halve but Ashley in fighting mood

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Profits for the year to April halved to £85 million on sales that slipped 6.5% to £1.26 billion.

The company admits it has just endured the toughest year in its history, but points out that it remains profitable despite the trading conditions on the High Street.

"It's a pretty good result in all honesty," said Ashley, who made £929 million from selling a 43% stake in the company when it floated in March 2007.

He has since taken his stake back up to 72% by buying shares at depressed prices. Floated at 300p, the shares today slid 33/4p to 68p.

Ashley says the stock-market listing gives confidence to suppliers such as Nike and helps improve the offering in the stores.

He admits the company may have been too optimistic going into a downturn. "I think last year we were on the Titanic and still dancing with the band. This year will be different," he said.

Ashley denied he has plans to sell Newcastle United, which he bought for £133 million. "That is not true. I would say that I am keen to have partners in Newcastle. That's a very expensive seat I sit in." Rumours suggest he has held talks with Far East investors about bringing money into the club.

"I think I'll start with people from Newcastle not in some cave in Afghanistan," he said.

Chief executive Dave Forsey said Sports Direct has had a "disappointing" year but that recent trading has been better than the City was expecting.

Profits next year should be "at a similar level" to this, he said.

Sports Direct still lacks a permanent chairman, with Simon Bentley continuing as acting chairman.

A final dividend of 2.44p will be paid, taking the total to 4.5p. The company opened 42 new stores in the year.