Sports Direct on the rise as profits surge

The price of shares in FTSE 250 retailer Sports Direct (LON:SPD) has soared by 29.89% to 467.60p (as of 14:55 GMT) as it reported pre-tax profits for the half year ended 27th October rose by 160%. Revenues for the period were up by 14%, largely due to acquisitions over the recent period.

Gross margins were up by 230 basis points but profits were also helped by gains from the sale and leaseback of a distribution centre.