British retailer GUS today reported a forecast-beating rise in annual profits and said it would continue to hone its businesses by seeking a partial flotation of its South African retail arm in 2004.
The Argos high street stores to Burberry luxury brand group had profits before goodwill amortisation, one-off items and taxation of £642m sterling. That was a rise of 16% and came in above analysts' forecast range of £620-635m.
'Our priority since 2000 has been to focus GUS on fewer businesses which operate in growth markets,' Chairman Victor Blank said in a statement.
GUS, which announced the sale of some European mail order interests yesterday, gave no guidance on current trading, as expected.
As part of the reshaping of its portfolio of businesses GUS partially floated Burberry in July 2002, raising over £200m for the group. Yesterday it agreed to sell several European mail order businesses and its UK customer care arm to the Barclay brothers - owners of rival Littlewoods - for around £590m.
