Five-star year for JD Sports

Executive chairman Peter Cowgill says he is particularly pleased with trading in continental Europe, where store numbers increased by 19 to 70. The group will build on this with further investment, planning to roll out another 15-20 stores in the region. However, Mr Cowgill insists that expansion would be cautious as JD is a "low-risk" operator: "It's softly, softly catchee monkey," he explains. In the UK, the retailer will focus on upgrading stores and increasing square footage, rather than adding to the estate. A flagship Oxford Street outlet is set to open its doors in July.

But the biggest development last year was the welcome disposal of the struggling Bank brand, which made a £15.7m loss - reported as a discontinued operation. Elsewhere, after a promising start, the second half was more tempered for the outdoors division - Blacks and Millets. Mild autumn weather led to excess winter stock, resulting in high levels of discounting. The business will need extra investment and won't turn a profit until 2017 - a year later than forecast. Still, Mr Cowgill remains confident that the group will "make a success of it". It certainly has the firepower to do so: the net cash position swelled by £39m in the year.

Freddie George at brokerage Cantor Fitzgerald has upgraded adjusted pre-tax profit forecasts for the current year by 4 per cent to £104m, giving EPS of 40p.