Home Retail Group’s finance director Richard Ashton received a handsome
bonus of £472,000 for hitting the company’s pre-tax profit targets.
The retailer whose brands
include Argos and Homebase reported pre-tax profits of £426m – a 13% rise on
last year’s profits for the year end 1st March. Homebase’s operating profits
were down by 16%, but Argos posted growth of the same figure.
The group also reported an increase in sales of 2.3% at £5,985m with gross
margins ahead by 50 basis points at Argos and 250 at Homebase.
Ashton’s bonus just exceeds his annual salary of £410,000 and is 77% of the
full bonus he could have received under the rules of the remuneration committee
chaired by Andy Horby, chief executive of HBOS.
Ashton has been with the organisation for seven years joining in Argos Retail
Group as finance director in 2001 and was promoted in 2006 to FD of the whole
group. Previous roles have included chief financial officer of GE Capital’s
equipment finance business in Europe. He trained as a chartered accountant with
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