New accounts show Mr Ashley’s Heatons Ltd recorded the increases in profits as revenues rose by 4pc from €220.5m to €229.1m in the 12 months to the end of April 27, 2025.
Sports Direct operates 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 say 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.
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 business, which has its Irish HQ at Heaton House at the IDA Business Park in Whitestown, 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.
A note says 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
Other operating income was down sharply from €5.15m in fiscal year 2024.
Separate accounts filed by Heatons Ltd’s Irish subsidiary, The Flannels Group (ROI) Ltd, show 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 say “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 8pc from €8.47m to €7.77m.
Mr Ashley owned Premier League team Newcastle United until 2021.
He sold the club for £305m (€353m) to a Saudi-led consortium.
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