JD Sports share price jumps 7 per cent as it posts record profits

 
Billy Ehrenberg
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JD Sports posted record first-half results as its pre-tax profits soared, rising 170 per cent to £16.4m. (Source: Getty)

Shares in JD Sports rose seven per cent in mid-morning trading as the retailer posted record first-half results as its pre-tax profits soared, rising 170 per cent to £16.4m.

Revenue also jumped to £721.4m, an increase of 27 per cent.

The bulk of the growth was in the company's UK and European sectors.

Peter Cowgill, executive chairman, said the sports business was still a key driver of growth.

Our Sports operations continue to provide the engine for profit growth and cash generation in the Group and will therefore continue to be the primary focus of investment.
Cowgill identified the second half of the year as more challenging, but hoped JD would post full-year results towards the upper bounds of market expectations.
The Board recognises the demanding comparatives of the second half of the last financial year, particularly in the core UK and Ireland Sports fascias where like for like sales increased by 11.2 per cent, as well as our significant dependence on Christmas trading but following the robust performance of the business in the first half believes that the Group is well positioned to deliver results towards the upper end of current market expectations

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