Sports World retailer Sports Direct International (SPD) has revealed a near 70% drop in profit, after being hit by tough market conditions.

Half year profits at the business were £21.2 million, down from £70.1 million last year.

The terrible result continues the string of bad luck for Sports Direct. Only last month it issued a profit warning after England failed to qualify for the Euro 2008 football championships, which will reduce demand for replica kit.

Shares in the company were listed at 300p after February's float, but today they stand at just 86.5p.

The business also owns some of Britain's most popular sports brands including Slazenger, Dunlop and Kangol.

Sports Direct chief executive Dave Forsey said: 'The results reflect a very challenging UK market and the comparative period last year included the football World Cup.'

Sports Direct's UK retail revenues for the six month period were down 12.9% to £518.4 million.

The wet summer had contributed to the most 'difficult trading period in Sports Direct's history,' the firm said.

Mike Ashley had expected to become chairman, but the promotion has not happened. It is understood that leisure industry specialist Alan Jackson declined an offer to become Ashley's deputy, leaving the company still searching for a replacement.