9th Sep 2015 12:52
LONDON (Alliance News) - Sports Direct International PLC Wednesday said that trading so far in its new financial year has continued to be in line with management expectations, while founder Mike Ashley survived earlier concerns raised about his place on the board and was re-elected at the group's annual general meeting.
In a trading update ahead of its annual general meeting held on Wednesday, the FTSE 100 sporting goods retailer said that there has been no material change in the financial position of the group since the end of its last financial year and that trading from April 27 to September 8 was in line.
"We continue to focus on the roll-out of large format city centre stores and the expansion of our National Distribution Centre in Shirebrook. Consistent with previous guidance we continue to target the revised underlying Ebitda target (before share scheme costs) of GBP420 million for the current period," Chief Executive Dave Forsey said in a statement.
Later on Wednesday, it was revealed that Chairman Mike Ashley was re-elected as a director of the company, after a minority of 11.5% of shareholders voted against his re-election.
The Financial Times had reported that Royal London Asset Management, which holds a 1% stake in Sports Direct, would vote against Ashley's re-election for the first time and against the non-executive directors for the second consecutive year.
Approval of the company's remuneration policy received the largest number of votes against, at 18.6%, although it was still passed.
Sports Direct will report its first-half results, for the 26 weeks to October 25, on December 10.
Shares in Sports Direct were trading up 0.7% at 781.00 pence Wednesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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