PROFITS at retailer Sports Direct have taken a beating, with bosses claiming their misery is being compounded by an “extreme political and media campaign” against the company.

Mike Ashley’s leisure empire has suffered from sterling’s painful slump after failing to hedge against the pound’s tumble following the Brexit vote.

But Mr Ashley, who said political investigations into his business had put workers “in the spotlight through no fault of their own”, revealed he has still been able to splash out £40m on a corporate jet.

The Newcastle United owner was previously hauled before MPs to answer questions over working conditions after it emerged some of his warehouse staff were being paid below the minimum wage.

However, Mr Ashley, who has vowed to address the issues, said his company remains primed for growth, revealing he wants it to become the “Selfridges of sports retail.”

He was speaking after half-year results to October 23, released yesterday, showed underlying earnings were 33.5 per cent lower at £145.3m, despite group revenue being lifted higher by online sales growth and the impact of its decision to take on Irish clothing retailer Heatons.

Reported pre-tax profits slumped 25 per cent on a year ago to £140.2m.

Mr Ashley, who replaced Dave Forsey as chief executive after the latter’s decision to quit, said the company has been badly affected by exchange rates.

However, he revealed the business still has enough fortitude to buy a plane, which will accompany an existing helicopter, to “facilitate efficiencies” in the use of management time.

He said: “The last six months have been tough for our people and performance.

“Our UK sports retail business continues to be the engine of Sports Direct, but our results have been affected by the significant deterioration in exchange rates, and assessment of our risk relating to stock levels and European stores performance.

“We are changing our retail channels for customers in the UK and continue to progress towards our medium to long-term goal of becoming the Selfridges of sports retail.

“What matters most to me is how tough the year has been for the people who work at Sports Direct.

“They have once again found themselves in the spotlight through no fault of their own, yet remain hardworking and loyal.”

However, Keith Hellawell, non-executive chairman, who is facing re-election after initially offering to step down, alleged the firm’s travails go much deeper.

He cited an unfair crusade into its operations from unions, the media and politicians, including Hartlepool MP Iain Wright, who has led a Business, Energy and Industrial Strategy Committee (BEIS) inquiry into Sports Direct’s working practices.

He added: “I have no doubt the campaign waged against this company has damaged its reputation.

“I begin to question whether this intense scrutiny is ethically motivated (and) the individuals at the heart of our organisation are increasingly upset and angry at the barrage of detrimental comments.”

Last month, Sports Direct was forced to deny MP claims it had fitted an undercover listening device in a meeting.

Members of BEIS, including Redcar MP Anna Turley, said a woman had entered their meeting room during a visit to the company’s Derbyshire warehouse and placed a recorder while laying out sandwiches.

However, the firm’s board questioned the “veracity” of the device, insisting it had not authorised its use.

Mr Ashley added the BEIS was treating his workforce like a “political football”.