Sports Direct 3

Sports Direct has seen its share price surge by more than 11% on Thursday morning, despite reporting at 15% drop in annual profits.

The sports retailer has endured a rough year, following a string of bad publicity surrounding working conditions and pay. The scandal resulted in Mike Ashley eventually appearing before MPs to answer questions over the conditions.

In March, Sports Direct fell off the FTSE 100 after losing around 40% of its value since the started of the year. And later that month, Mike Ashley warned the company would not be able to perform as well in 2016, saying: “We are in trouble, we are not trading very well.”

The company report a pre-tax profit of £361.8 million in the year to 24 April, missing forecasts of £380m. But revenues were up 2.5% to £2.9 billion.