UK retailer Sports Direct has said trading in the new financial year has continued to be in line with management expectations.

In an update today (9 September), Sports Direct said there has been no material change in the financial position of the group since the end of the most recent reporting period on 26 April, and trading between 27 April to 8 September has continued to be in line with expectations. 

Chief executive Dave Forsey said the group continues to focus on the roll out of large format city centre stores and the expansion of its National Distribution Centre in Shirebrook.

He added that Sports Direct continues to expect underlying EBITDA (before share scheme costs) to reach GBP420m (US$645.7m) for the current period.

The comments come days after shareholder Royal London Asset Management revealed it would vote against owner Mike Ashley's re-election to the board as deputy chairman at the retailer's annual meeting today. The investment firm said it has “lost confidence in the board”, adding that it is “very concerned about the long list of corporate governance failings that have not been addressed”.