GUS posts 15% increase in pre-tax profits
British retailing-to-credit checking group GUS today said each of its key businesses had reported their highest-ever results as it posted a 15% increase in pre-tax profits to £406m (€577.9m).
The company said catalogue retailer Argos, credit checking arm Experian and fashion retailer Burberry had all turned in record operating profits in the six months to September 30.
Argos lifted sales by 10% and profits by 13% while Experian improved sales by 15% and profits by 13% on continuing activities at constant exchange rates.
On Tuesday, Burberry – in which GUS holds a 66% stake – announced an 18% rise in interim earnings before tax and one-off items to £78.8m (€112.2m) and a £250m (€355.8m) share buyback.
While pre-tax profits rose 15% before goodwill and one-off items, GUS said bottom line pre-tax profits had increased to £323m (€459.6m) from £247m (€351.5m) beforehand.
Chief executive John Peace said the group was not underestimating the current challenges in some of its markets.
But he added: “We have clear strategies for growth in each of our businesses and are confident of the strength of their competitive positions.”
