Irish operations of Mike Ashley's Frasers Group sees turnover increase to €229m

Heaton Ltd announced profits of €43m for the year ended April 2025

Frasers Group boss Mike Ashley. Picture: PA

Sports, fashion, and homeware retailer Heaton Ltd, the company which includes the Irish operations of the Sports Direct empire, has announced turnover of €229m and profits of €43m for the year ended April 2025.

The company whose operations include Sports Direct and Frasers, saw turnover rise 3.9% from €220.55m in 2024 to €229.1m. Profit for the financial year was boosted to €43m from €28.3m a year previous, largely thanks to interest income of €12.88m on related party loans.

The average number of staff employed by the company over the year was 1,351, including 1,313 in retail and 38 in administration. The company paid wages and salaries of €32.624m over the year. 

"The company's future success and financial strength depends on its ability to attract, retain, and motivate highly skilled and qualified personnel. The loss of services of key employees could have a negative impact on the company's future success and financial strength. Good employee relations are vital to the company and the success of its business," the directors' report notes. 

The report also highlights the importance of its supply chain, and its reliance on "non-domestic manufacturers". "The company is reliant on manufacturers in developing countries as the majority of the company's products are sourced from outside the UK and Ireland," the report said. "The company is therefore subject to the risks associated with international trade and transport as well as those relating to exposure to different legal and other standards."

Sports Direct is also the sponsor of Cork GAA, a deal running until the end of the 2028 season, as well as the FAI Cup.

Heaton Ltd is 100% owned by Frasers Group PLC, which is controlled by billionaire businessman Mike Ashley. Earlier this month, it was confirmed that Frasers has become the second-largest shareholder in sportswear brand Puma after taking a near 6% stake in the German company.  The British-headquartered Frasers already has substantial investments in other retailers including Debenhams and Asos.