British retail company Frasers Group has reported total revenue of £2.63bn ($3.23bn) for the first half (H1) of fiscal 2023 (FY23), up by 12.7% from the same period of fiscal 2022 (FY22).

Revenues for the company’s UK Sports Retail segment grew 11.6% in the 26 weeks to 23 October, while its Premium Lifestyle and International Retail segments reported 24.7% and 5.8% revenue growths respectively.

Frasers Group said that the increase in its revenue was primarily due to acquisitions.

The company’s gross margin decreased to 42.0% from 44.7% in H1, while its reported profit before tax (PBT) was £284.6m, representing a 53.0% growth from a year earlier.

Its adjusted PBT also increased by 38.8% to £267.1m in the six-month period.

Frasers Group’s reported basic earnings per share (EPS) for H1 was £0.46, up by 63.5% from £0.28 in H1 2022.

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By GlobalData

Frasers Group non-executive chair David Daly said: “We have delivered a strong performance during the period, despite the challenging backdrop of heightened economic uncertainty in the UK, soaring energy costs, rapidly rising inflation, a widespread cost of living crisis and continued geopolitical instability.

“While post-pandemic issues with the global supply chain remain, there are signs that these are beginning to ease.

“We once again remind our stakeholders of our key accounting principles, namely being conservative, consistent and simple, and this will always factor into our forecasting, including provisioning and impairment reviews.

“Despite the above potential headwinds and in this context, Frasers has delivered a robust set of first-half results, which demonstrate the resilience of our business and the continued success of our Elevation Strategy.”

Despite the prevailing macroeconomic environment and other challenges, Frasers Group expects to achieve an adjusted PBT of between £450m and £500m for the full year.

In October this year, the company increased its shareholdings in online fashion retailer ASOS and luxury fashion house Hugo Boss.