Updated / Monday, 23 Mar 2026 14:54
Pre-tax profits at the Irish arm of UK billionaire Mike Ashley’s Sports Direct and Frasers stores last year increased by 36% to €48.96m.
New accounts show that Mr Ashley’s Heatons Limited recorded the increases in profits as revenues rose by 4% from €220.5m to €229.1m in the 12 months to April 27, 2025.
Sports Direct operate 36 stores in Ireland and is the main sponsor of Cork GAA.
The profits at Heatons Ltd were boosted during the year by €12.88m in interest receivable.
The directors state that the interest income of €12.88m was on related party loans while profits were also boosted by the group’s onerous lease provision by €4m on the prior year.
They say that the provision was reduced based on current trading performance and management’s expectations for the future.
Before the €12.88m interest receivable is taken into account, the group’s operating profits increased marginally from €35.9m to €36m.
The directors that the business “has an unrivalled product range and value for money product offering, which has made SportsDirect one of the largest sports retailers in the country”.
They state that they and management “are focused on continuously improving efficiency to minimise the cost base of the company”.
The business – which has its Irish headquarters at Heaton House at the IDA Business Park in Whitetown, Tallaght – recorded post tax profits of €43.06m after incurring a corporation tax charge of €5.89m.
The pre-tax profit last year also takes account of non-cash depreciation costs of €2.23m and foreign exchange losses of €752,124.
The group’s operating lease costs last year increased from €14.96m to €15.22m.
The directors state that the company is continuing to pursue expansion through the rigorous selection of suitable premises in suitable locations.
They state that “however, if these sites are unavailable or are too expensive, this will limit the company’s growth in the future”.
A note states that as at the reporting period, the company had a financial commitment in relation to sponsorship of €1.2m.
Numbers employed last year increased from 1,315 to 1,351 as staff costs rose from €34.8m to €36.38m.
Directors’ emoluments last year increased from €352,201 to €366,074.
At April 27 last, Heatons Ltd had shareholder funds of €179.8m that included accumulated profits of €179.18m. The company’s cash funds reduced from €8.46m to €6.04m.
The firm last year did benefit from €1.9m in other operating income that was chiefly made up of €1.56m in management fee income.
Other operating income was down sharply from €5.15m in fiscal 2024.
Separate accounts filed by Heatons Ltd’s Irish subsidiary, The Flannels Group (ROI) Ltd show that pre-tax losses more than doubled last year from €5.5m to €14.3m.
This was mainly due to the company incurring an onerous lease charge of €6.02m and an impairment of assets due to the onerous lease of €3.74m.
The operating loss also included non-cash depreciation costs of €3.35m. The directors state that “these had a significant impact on the operating loss for the year”.
Revenues at the retailer of high end premium luxury fashion brands reduced by 8% from €8.47m to €7.77m. Numbers employed declined from 66 to 59 as staff costs reduced from €1.4m to €1.39m.
Mike Ashley is best known outside the business world through his former involvement with Premier League team Newcastle Utd and in 2021 he sold the club for £305m to a Saudi led consortium.
Reporting by Gordon Deegan
