Sports Direct shares up on profits news

<p>Profits are up at Sports Direct.</p>

The share price of Sports Direct is up today (July 18th) after the company announced a major rise in its profits.

It was confirmed by the sports brand that annual pre-tax profits jumped by 40 per cent to £207.2 million, with sales up 30 per cent to £2.19 billion.

Chief executive of the company Dave Forsey stated that it was a "record-breaking year".

The Olympics and football's European Championships had both helped to boost sales for the company over the course of the year, he said.

Sports Direct is owned by Mike Ashley, the businessman who is also the majority shareholder of Newcastle United Football Club.

After the announcement of its latest financial data, the share price of Sports Direct rose by 1.9 per cent in the early moments of trading.

At 08:29 BST, stocks were selling 12 points higher than at the start of the session.

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