A five-year study of 58 academy chains by the Sutton Trust found attainment of disadvantaged pupils in 38 of them were below the national average, including eight that were significantly below average.
In just one in five of the chains analysed, pupils eligible for free school meals or those in local authority care were above average for Key Stage 4 results.
The report warns that academy chains are failing in their aim to improve educational achievement, and calls on the government and regional school commissioners to improve sharing of good practice between academies.
Academies were first set up in areas of social deprivation in 2002 with the intention of improving outcome for underperforming children with the help of a sponsor.
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