Frasers Group is forecasting big profits for 2023, after a successful 2022.

The Sports Direct owner, which owns a number of other retailers, including House of Fraser, saw an annual adjusted annual pre-tax profit for the year ending April 24 of £344.8million, against a loss of £39.9million in the previous year, as reported by Daily Mail.

The group owns a number of retailers in the county, including Cavendish House in Cheltenham (part of House of Fraser), Sports Direct in Gloucester and Cheltenham, and Evans Cycles in Cheltenham.

The figure beat 2022 forecasts and now it is expecting pre-tax profit to come in at between £450million to £500million for 2023, despite supply chain issues and the cost of living crisis.