Sports Direct on a winner

Mike Ashley might have untold trouble at Newcastle United, but his Sports Direct empire continues to flog tracksuits and trainers by the truckload.

Britain's biggest sports retailer today upped its profit forecasts for the year after a bumper six months.

The group now expects to make at least £150 million, up from the £140 million which had been previously suggested.

That compares to the miserable £10.7 million made last year, a result that forced it to axe the dividend payment to shareholders.

The biggest shareholder by far is Ashley himself with more than 70% of the stock.

He famously pocketed towards £1 billion by selling a stake to City investors for 300p a share two years ago.

They have never been close to that level since, today moving up 5.3p to 122p.

Ashley has been unable to find a buyer for Newcastle United, which he bought for £134 million, spending at least another £100 million to pay off debt.

He has been unwilling to drop the asking price for the football club below £100 million despite Newcastle's relegation from the Premier League.

Sports Direct, which also owns the Lillywhites store on Piccadilly Circus, saw revenues rise 10% to £375 million between 27 April and 8 September.

The company has opened five new stores, including three Field & Trek outlets, and closed two.

It is facing an investigation by the Competition Commission into the purchase of several stores from arch rival JJB Sports.