Profits at Mike Ashley’s holding company almost doubled last year on the back of continued strength from Sports Direct International and his sporting brands.
Accounts for MASH Holdings, in which the retail veteran owns 100pc of the shares, show group profit before tax for the year to April 2013 of £256.4m, up from £130.6m in the prior year, on turnover up 18pc. No dividend was paid, however.
According to the accounts, which have recently been filed at Companies House, net assets rose 68pc to £581.5m last year thanks to the strength of his holdings in Sports Direct and a number of key brands.
The uplift was the result of a strong jump in the value of MASH’s 62pc holding in the FTSE 100 retailer.
However since then, Sports Direct’s share price has risen 75pc, with his 62pc holding worth £2.9bn based on last night’s closing price.
The holding company also owns Newcastle United, although the Premiership club’s value remained a net liability, despite the side’s turnover rising 10pc to £102.3m.
The accounts make only passing reference to Mr Ashley’s interest in Debenhams, the department store group, which only emerged at the start of this year.
The “put option” which Sports Direct holds in the retailer will expire on March 12 next year, with the maximum exposure some £64m.