Mike Ashley’s holding company profits falls by 80 per cent

Mike Ashley

Mike Ashley’s holding company, Mash Holdings which controls Sports Direct and Newcastle United has faced a tough year in 2018 as pre-tax profits fell by almost 80%.

In the year ending April 2018, profit before tax hit £20.9m according to accounts released on Thursday.

Media revenue in Newcastle United was up by 166% to £126.4m which was boosted by their promotion into the Premier League.

Overall revenue rose by 3.5% for Sports Direct and by 64% for Newcastle United which led to and overall rise for Mash Holdings by 5.2%.

Mash Holdings said Brexit has had an impact that they are unable to “fully protect” Sports Direct.

They said, “We have been investing in some partial automation for the Shirebrook warehouse operations to make efficiencies and improve productivity on internet fulfilment orders and help mitigate any potential staffing shortfall after Brexit.”