The Irish retail operations of British businessman Mike Ashley made profits of almost €1 million a week here last year.
Accounts for Heatons, the Irish company behind Sports Direct and Frasers stores here, grew its profits by more than half last year as it accrued interest of almost €13 million on loans to other parties, its latest accounts show.
The accounts for Heatons, which cover the 12 months ended April 27th, 2025, show a pretax profit for the year of just under €49 million, up from about €36 million a year earlier.
One of the largest retailers in the country, the company sells sports clothing and equipment, fashion and homeware goods through its Sports Direct and Frasers stores throughout the Republic.
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Turnover for the year was €229.1 million, up 4 per cent on a year earlier. Its operating profit was €36.1 million, which was up marginally from €35.9 million. The group’s cost of sales increased from €112.4 million to €120.9 million.
Shareholder funds increased 30 per cent from €138.8 million to €179.9 million. The directors paid an interim dividend of €40,680 on equity capital, which was down from €69,448. The directors did not recommend payment of a final dividend.
The directors said “noteworthy material impacts” on the operating profit for the year was interest income of €12.9 million on related party loans, as well as a reduction in an “onerous lease provision” by €4 million.
“The provision was reduced based on current trading performance and management’s expectations for the future,” they said.
The directors also said the company was faced with “many economic risks”, such as the “soaring rate of inflation, the cost of energy crisis, rising interest rates and a potential recession”.
“The ongoing wars in Ukraine and Gaza represent a risk to the global economy and supply chains,” they said. “The directors continue to monitor all these situations very closely and their potential impact on the business.”
The company employed an additional 36 people in the year to grow its headcount to 1,351. Staff costs amounted to €36.4 million, which was up from €34.9 million.
