UK-based retailer Frasers Group has reported an adjusted profit before tax of £478.1m ($616.5m) in fiscal year (FY) 2023, an increase of 40.7%.

The reported gross profit was £2.36bn in FY23, up 13.5% from the prior fiscal.

For the FY ending 30 April, the retailer’s operating profit grew 61.0% to £531.8m. Its reported profit after tax was £501.3m, an increase of 95.1% from £256.9m a year ago.

Frasers recorded group revenue of £5.56bn in FY23, representing 15.8% growth from FY22.

Revenue of its UK Sports Retail rose 16.7% while its Premium Lifestyle and International Retail businesses reported revenue growth of 14.8% and 15.2% respectively over the year.

The retailer attributed the revenue growth in its UK Sports Retail business to the full-year impact of the acquisition of Frasers Group Financial Services.

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By GlobalData

The growth in International Retail business revenue was mainly due to the acquisition of Sportmaster on 16 May 2022 and an increase in the Malaysian business, Frasers Group said.

The retailer’s basic earnings per share (EPS) for the FY increased by 53.2p to 106.1p.

Frasers Group chief executive Michael Murray said: “It has been a particularly significant year for Sports Retail, demonstrating that elevating Sports Direct was the right strategy.

“Our investment in the store estate, our focus on strengthening key brand partnerships and the synergies created by strategic acquisitions are now delivering very clear results. We’ve also made huge progress in the year building our sector-leading ecosystem, with Frasers Plus now successfully launched across our brands and businesses.

“We enter the new financial year in a strong position and are determined to unlock further growth, underpinned by our laser focus and acceleration of our Elevation Strategy.”

The retailer expects adjusted profit before tax in the range of £500m-£550m in FY24.

Recently, Frasers Group increased its stake in electricals retailer Currys.

Last month, the company acquired a 5.01% stake in boohoo.