City applauds bigger bonusat Sports Direct
Thursday 26 April 2012
For once the City cheered a huge rise in a "fat cat" bonus yesterday as Mike Ashley, the founder of Sports Direct, was awarded an extra two million free shares in the retailer for beating earnings targets.
In February, Sports Direct said Mr Ashley would get six million shares, then worth £16.7m, for hitting its "Super-Stretch Scheme" targets in the year which ends this month.
Yesterday it raised that award to eight million shares worth £23.4m, but added more exacting targets for the coming three years.
The City took that as good news, with one analyst saying it "signals a high level of confidence" that with the Olympics and the European Championship this year and the Brazilian World Cup in 2014, Sports Direct can continue strong growth.
This is a vast contrast to when Sports Direct floated five years ago at 300p a share and Mr Ashley trousered £929m selling shares. Within five months the company had issued a profits warning and the share price had plummeted to less than 150p.
Shareholders – but not Mr Ashley, who holds 71 per cent – will be asked to approve the scheme.
Sales for the past nine weeks rose 13.2 per cent and gross profits increased by 13.5 per cent to £99.8m.
- 1 Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
- 2 A politically correct lefty goes to see Top Gear live – you'll probably believe what happened next
- 3 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 5 Snoop Dogg on why he doesn't regret displaying misogyny towards women
Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
Woman accidentally shoots herself in the head while posing for a selfie
How China's richest man Li Hejun lost $15bn in an hour - and made a fortune
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Snoop Dogg on why he doesn't regret displaying misogyny towards women
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...