Fast-growing British fashion retailer SuperGroup posted an 89 per cent rise in annual profits and saw room for further growth this year.

SuperGroup, whose Superdry clothes are a favourite of celebrities such as David Beckham and Leonardo DiCaprio, said today that it made an underlying pretax profit of £50.2 million (€56.9 million) in the year to May 1st.

Its profit was slightly ahead of analysts' average forecast of £49.9 million, and £26.5 million made in 2009-10.

The company is looking to win back investor confidence after a slump in its shares and gave a confident outlook.

"The group strategy is on track and we see the potential for a year of further growth for the Superdry brand and our business," it said in a statement.

Total sales of the firm's trademark T-shirts, hooded tops, check shirts and jogging bottoms rose 71 per cent to £238 million.

SuperGroup was one of 2010's most successful stock market flotations. After listing at 500 pence 16 months ago, its shares rocketed to a high of 1,899 pence in February as it reported a procession of stellar sales figures.

But results in May for the three months to May 1st - its fiscal fourth quarter - showed sales growth slowing to 61 per cent from 87 per cent the quarter before, prompting a dramatic reversal in its shares.

The stock closed at 877.5 pence yesterday, giving Supergroup a market capitalisation of roughly £700 million.

Reuters