Ashley has yet to redeem himself

Has Mike Ashley learnt his lesson? An altogether different Sports Direct founder was on hand yesterday to explain his inexplicable behaviour over the past year.

A convivial Ashley spoke of train wrecks, but used the analogy to explain his company’s dire performance since its float in February. The weather, the England football team’s failure to qualify for Euro 2008 and tough Christmas trading were to blame, he said. “We’ve got a broken nose, a broken arm and a broken leg, but I am still going to get back on the train and get to the next destination,” he said. “We will get there, albeit with a bumpy start.”

What a difference a year makes. It was a far cry from the reluctant Ashley who emerged after the listing. His appearances were few and far between and usually via the mouthpiece of a chairman or executive, many of whom have since left in frustration over the company’s relationship with the City.

At that time, only one photograph existed of the billionaire – now, he features in numerous pictures in his beloved Newcastle United strip. He emerged as a likeable rogue, recommending his “dead gran to buy stock” and guaranteeing that England would qualify for the next World Cup. “Forget about Capello, ask me,” he said.

He also professed shyness as the reason for his reluctance to communicate with the City, saying the public role was “very daunting” and adding that “the only way is up”.

However, the chipper – and shrewd – PR performance doesn’t quite merit a gold star yet. Despite shares being buoyed by 16 per cent after the show yesterday, there’s no getting away from the fact that the shares have lost two thirds of their value since the float.

A 70 per cent drop in pre-tax profits in the first half to£21.2 million stings. Sales fell 7 per cent to£668.1 million and net debt soared to£796 million against£38 million last year.

There was no mention of the appointment of a new chairman, which would go some way to reassuring investors that the company is not rudderless. Speculation that he will appoint himself to the role will further irritate.

And he has gone no way towards learning the art of diplomacy. He labelled Panmure Gordon analyst Philip Dorgan a “moron” and launched a broadside at his own broker, Merrill Lynch, which was one of the banks behind the float, blaming it for not communicating the company’s business model clearly to the City.

Despite the image overhaul, analysts remain sceptical – Merrill Lynch has even suggested that investors sell their shares in the company. He may deserve an A for effort, but Ashley has yet to prove his achievement.