News article

Next profit beats predictions

Next profit beats predictions
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Profit at Next rose above expectations in the 12 months to January 2010, the firm has revealed.

Its financial results for the year showed group profit before tax climbed 18 per cent to £505 million, a figure greater than the firm had anticipated.

The news helped shares in Next jump during stock market trading on the FTSE 100 today (March 25th).

By 15:15 GMT, its shares were up 5.17 per cent in London, taking them to 2,177p.

It also recorded a 21 per cent increase in its earnings per share - which rose to 188.5p - and net debt was lowered to £400 million.

John Barton, chairman of Next, said: "We remain confident that our operating model and financial strength position us well to make further progress in uncertain times."

The year was an "extraordinary" one, he noted, adding that the business had done well given the instability of the economy at present.

Posted by Greg SeckerADNFCR-1681-ID-19689586-ADNFCR