Results round-up

Full year profits from Next were at the upper end of expectations but the clothing retailer warned the year ahead could be the toughest since 2008, with new guidance that includes the possibility that profits could decline as much as 4.5%.

Total group sales rose by 3% to £4.1bn as growth from the Directory online and catalogue business of 8% made up for just a 1% increase from retail.

Within retail, new stores contributed 2.4% to growth, implying negative like-for-like sales.

Underlying pre-tax profit rose 5% to £821.3m, with pre-close guidance pointing to between £810m to £824m.

Underlying earnings per share grew 5% to 442p and the board proposed a 5% hike to the total dividend to 158p.

Looking to the new financial year, chief executive Lord Wolfson said: "It may well feel like walking up the down escalator, with a great deal of effort required to stand still" before darkening the mood with his warning that "the year ahead may well be the toughest we have faced since 2008".

FTSE 250 infrastructure investment company International Public Partnerships posted strong growth in its portfolio on Thursday, with its net asset value rising 21.5% to £1.29bn in 2015. NAV per share was up 2.5% to 130.2p.

The firm proposed a full year fully covered cash dividend, up 2.5% to 6.45p.

Its IFRS profit before tax of £79.9m was a 12.2% rise on 2014’s $71.2m, with the company’s total shareholder return since 2006 now sitting at 115% against a FTSE All Share return of 49.2%.

International PPL chairman Rupert Dorey said he was pleased to announce the record year, following the commitment of more than £300m in landmark UK and global infrastructure assets.

"Entering the company's 10th anniversary year, tailored primary market origination of long-term, low-risk and stable investment opportunities combined with unique exposure to the emerging North American PPP market continue to be among the factors that differentiate the company in the sectors in which it invests,” he said.