A record-breaking profits haul from retailer Sports Direct International ensured more bonus cheer for thousands of shop workers ahead of a bumper share windfall set to pay out next month.
The Sportsworld empire, controlled by Newcastle United owner Mike Ashley, reported a 40% leap in pre-tax profits to ?207.2 million for the year to April 28 and underlying earnings jumped 22.1% higher to ?287.9 million, clearing another hurdle under a 2011 four-year share incentive bonus scheme for around 3,000 staff.
The group is halfway through the scheme, which comes on top of a lucrative bonus plan from 2009 set to pay out thousands of shares for each eligible employee next month.
For an employee earning a salary of ?20,000 a year in 2009, next month's payout will see them pick up 12,000 shares - worth more than ?68,000.
More than 2,000 of Sports Direct's 23,000-strong workforce will land share bonuses under the August payout.
But the group revealed today it has decided to scrap plans to resurrect the contentious "super-stretch" bonus plan for founder Mr Ashley and will review "various options" ahead of its annual general meeting in September.
The previous scheme, which would have delivered a potential ?26 million payout, was withdrawn last summer after investors threatened to reject it in a shareholder vote.
Sports Direct's profit hike comes after like-for-like sales raced 11.2% higher over the past financial year as the group strengthened its grip on the market following the collapse of rival JJB.
It added that trading since the year-end has remained strong and ahead of management expectations for the first quarter.
Dave Forsey, chief executive of Sports Direct, said it was a "record-breaking year for the group and for British sport".
PA
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