March 9, 2018 / 10:42 AM / 2 months ago

Retailer Action reports 25 percent jump in underlying 2017 profit

AMSTERDAM (Reuters) - Discount variety store operator Action Holding BV on Friday reported a 25 percent rise in 2017 core profit, helped by expansion in Germany and France.

Earnings before interest, tax, depreciation, amortisation and non-recurring items rose to 387 million euros (344.61 million pounds), said the retailer, which opened 243 stores last year.

Sales rose by 28 percent to 3.42 billion euros, said Action, which also operates in the Benelux countries, Austria and most recently, in Poland.

    Action is owned by Britain’s 3i Group Plc (III.L), which in November said it had no immediate plan to sell or seek a stock market listing for the company, rebutting market speculation.

    Separately, 3i on Friday said it has completed a 2.41 billion euro refinancing of Action and that Action would pay it a dividend of 341 million euros by March 31.

    Action is based in Zwaagdijk-Oost, 50 km north of Amsterdam.

    Reporting by Toby Sterling; editing by Jason Neely

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