Profits rise sharply at Frasers Group as momentum builds

Profits at Shirebrook-based Frasers Group has risen by over 50% for the six months to October 23.

The retail group saw its surplus figure before tax rise by 53% to £284.6m for the period, while revenue was also up by 12.7% to almost £2.64bn.

Frasers Group said it has “strong strategic and trading momentum” behind it, and its “remains confident” in its adjusted profit before tax of between £450m to £500m for its current financial year.

A statement from David Daly, chair, added: “We have delivered a strong performance during the period, despite the challenging backdrop of heightened economic uncertainty in the UK, soaring energy costs, rapidly rising inflation, a widespread cost of living crisis and continued geopolitical instability. Whilst post pandemic issues with the global supply chain remain, there are signs that these are beginning to ease.

“We once again remind our stakeholders of our key accounting principles, namely being conservative, consistent, and simple, and this will always factor into our forecasting, including provisioning and impairment reviews. Despite the above potential headwinds and in this context, Frasers has delivered a robust set of first half results which demonstrate the resilience of our business and the continued success of our Elevation Strategy.”