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Market report: Sports Direct profits slump 60%, shares rally on revenues beat

Mike Ashley’s Sports Direct (SPD) is well supported by investors in early trading on Thursday as better than expected sales offset a big fall in profits. The shares rise more than 5% to 316.1p in spite of underlying pre-tax profit diving to £113.7m in the year to 30 April, a performance blamed on the slump in sterling and soaring depreciation charges. That’s down from £275.2m in 2016. Yet ...
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