Sports Direct has blamed a weaker pound for a fall in annual profits of more than 50 per cent.

The retailer, which was dogged by controversy last year over working practices, has today reported underlying profits before tax of £111.7million for the 53 weeks to 30 April.

The figures are down 58.7 per cent down on the previous year's £275.2million.

Group revenues were up, however, from £2.9billion last year to £3.2billion this year - an increase of 11.7 per cent.

Sports Direct has stores in Cheltenham, Gloucester and Stroud.

Chief executive Mike Ashley said: "We have invested over £300million in property over the last year, and I am pleased to report that early indications show that trading in our new flagship stores is exceeding expectations.

"We will continue to invest and make decisions for the long term, whilst trying to conservatively manage the currency volatility that is reflected in our full-year results.

"As previously announced, the devaluation of Sterling against the US dollar has led to a significant impact on EBITDA and profits in FY17.

"We have put in place hedging arrangements to minimise the short-term impact of currency volatility, but like many UK retailers we remain exposed to medium/long term currency fluctuations."