Frasers Group gets a big boost from results
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The price of shares in FTSE 250 retailer Frasers Group (LON:FRAS) climbed 14.26% to 349.40p (as of 14:30 BST) after it posted results for the year ended 26th April. Revenues for the period rose by 6.9%, driven by premium lifestyle brands and European sales, but reported pre-tax profits sank by 19.9%. Management said that the business and balance sheet remain strong despite the impact of COVID.
The company said they would be investing heavily in digital strategy in the current year and expect to achieve a 10-30% improvement in underlying EBITDA for 2021.
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