Mike Ashley’s Frasers Group PLC (LSE:FRAS) announced it will begin a share buyback programme from today.
The programme, which will end the day before the company’s financial year-end on 24 April, will buy a maximum of 10mln ordinary shares for no more than £70mln.
Earlier this month the owner of Sports Direct and House of Fraser posted half-year results showing pre-tax profits of £186mln, up 75% from a year earlier when many of its shops had been hit hard by the pandemic lockdown.
The share price rose 0.5% to 736p in Monday morning’s early trading.