IT’S GOING SWIMMINGLY AT SPEEDO AS PROFITS FLY

SWIMWEAR brand Speedo helped its owners net a £328m profit following a wave of swimming mania in China.

The trunks and goggles maker saw sales climb 8pc after it launched a website in China selling direct to consumers. Speedo, owned by family business Pentland Group, clocked up an 8.6pc rise in annual profits to £327.5m following the move.

Pools are popular across the country but are often so crowded there is only enough space to stand up, earning swimmers the nickname ‘boiling dumplings’. Speedo, which sponsors the China Swimming Association, switched its business model to selling directly to consumers online rather than through other retailers in 2016.

Pentland also owns sports label Ellesse, where revenues climbed 21pc after a deal with pop star Anne-Marie.

The business – which is owned by the Rubin family and chaired by billionaire 80-year-old Stephen Rubin – also owns 57pc of listed fashion retailer JD Sports, which had a record year, as turnover grew 25pc to £3.6bn.