Pentland Group has announced its full year results for the year ended 31st December 2017.
Total group revenue was up 25 per cent to £3.6bn (2016: £2.9bn), driven by a record performance from JD Sports. Group operating profit, before amortisation of intangibles and exceptional items, up by 14 per cent to £376m (2016: £331m);
Group net assets increased by 22% to £1,276m (2016: £1,044m).
Pentland is the majority shareholder in JD Sports Fashion which had another exceptional year with revenues up 33 per cent and operating profits strongly ahead of the prior year. This was driven by its ongoing investment in enhancing its multichannel proposition; a focus on driving continual improvements through its buying, merchandising and retail disciplines; and its continued success in offering customers the best combination of physical and digital retail on an increasingly global scale.
Since year-end, JD Sports Fashion has announced the completion of its acquisition of Finish Line Inc, a US retailer of athletic footwear and apparel.
Pentland Brands continued to build its presence in key markets during the year, resulting in a strong performance by several of its brands.
Ellesse enjoyed another strong year, delivering 21 per cent revenue growth and building on the continued favourable trend in sports fashion. Speedo achieved 8 per cent sales growth, underpinned by its move to a direct-to-consumer business model in China in 2016.
Canterbury sponsored the 2017 British and Irish Lions tour to New Zealand and achieved considerable success with the partnership.
In 2017, Pentland Brands reorganised and streamlined its operations, actively managing its brand portfolio including the creation of a joint-venture with the Lacoste Group, one of its major brand partners.
Stephen Rubin, Chairman of Pentland Group, commented: “I am delighted that Pentland Group’s 85th set of annual results, once again, demonstrate our commitment to nurturing our brands and evolving our business to ensure that we continue to meet the changing needs of our retail customers, brand partners and consumers.
“We are very grateful to all our people for their passion and dedication to ensuring that we build our business, doing business the right way.”