Frasers Group kicks off £70m share buyback

House of Fraser and Sports Direct owner Frasers Group said on Monday that it has kicked off a share buyback programme of up to 10m ordinary shares.

The company, which also owns Flannels and Jack Wills, among others, will buy back up to £70m and the programme is due to end on 8 December when it reports its half-year results.

At 1005 GMT, the shares were up 3.3% at 689.50p.

Russ Mould, investment director at AJ Bell, said: "Frasers, rumoured to be among the bidders for collapsed online sofa seller Made.com, pleased investors with news of a £70m share buyback.

"The capital return on its own is pleasing but it also says something about the financial strength and robust outlook for the business despite a difficult retail backdrop."