Department store Debenhams shrugged off the distraction of a continuing takeover saga today as it delivered profits in line with City forecasts.
The group, which has been at the centre of a takeover battle since May, reported a 9.6 per cent rise in underlying profits to £168.4 million sterling today after a "volatile" year for retailers with trading conditions changing from month to month.
Total sales grew 6.7 per cent to £1.81 billion in the 12 months to August 30th - up 3.7 per cent on a like-for-like basis.
The company agreed a £1.66 billion takeover offer last month from a bid vehicle backed by private equity groups CVC Capital Partners and Texas Pacific that trumped an earlier offer from Permira.
But the company was unable to offer hope of an immediate end to the uncertainty today.
Despite the rise in underlying profits, bottom line pre-tax profits were slightly lower than last year, from £153.6 million to £151 million, after £17.4 million of one-off costs relating to the bidding war.
Debenhams has 102 stores in Britain and Ireland and two franchise outlets in Europe and the Middle East.
PA