Mike Ashley's Frasers forecasts growth despite Covid-19

The firm reported a 5 per cent rise in 2019-20 core earnings.

For the year to April 26, Frasers made core earnings - underlying earnings before interest, tax, depreciation and amortisation (EBITDA) - of £302m, up from £288m in 2018-29.

In a results update, the firm said: “With digital transformation now at the forefront, the successful reopening of our stores after the Covid-19 lockdown and continuing strong web performance, we are confident in achieving between a 10 per centand 30 per cent improvement in underlying EBITDA during 2021."

Frasers retail empire has called on the Government to raise corporation tax by 1 per cent to directly increase funding for the NHS, as the company said it hopes to take advantage of empty stores in shopping centres to expand the group.

The comments come in the delayed results for the group - the second consecutive annual delay - which showed sales across its brands, including House of Fraser, Sports Direct and Evans Cycles, jumped 7 per cent to £3.96bn in the 12 months to April 26, but pre-tax profits fell almost 20 per cent to £143.5m.