Frasers Group profits jump by three quarters

Frasers Group reported a pre-tax profit boost of 75% to £186 million for the six months to 24 October.

This was up from £106 million in comparison to the previous year.

The retail giant’s reported profit after tax surged by 70 per cent during the same period.

The company said that it was pleased with its overall trading performance but remains cautious because of “well publicised macroeconomic headwinds on the horizon” in the form of cost increases, supply chain issues ,and potential squeezes on consumer spending power.

It added that there is also still the risk that Covid-19 measures could adversely affect outlook.

“Unfortunately we still have the shadow of uncertainty cast by the ongoing Covid-19 pandemic, with restrictions including lockdowns returning to parts of Europe and with the emergence of new variants,” said David Daly, non-executive chair. “There are also supply chain risks which to date we have proven resilient to but which must be factored into our future forecasting given these could continue for some time.

“On top of this there are the well-publicised macroeconomic factors contributing to a likely cost of living squeeze which could impinge on consumers spending plans heading into the new year.”

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