Dividend cheer as Moss back in black

SHAREHOLDERS in Moss Bros are to receive their first dividend in three years as the menswear group has moved back into the black and boasts buoyant current sales.

'We are well on the way to recovery,' said chief executive Adrian Wright.

After returning to profit over the second half, the group cut its full-year loss from £4.9m to £2.5m. Shareholders are rewarded with a dividend of 0.75p. Turnover for the 12 months to 25 January fell from £141.3m to £128.2m.

Wright said the group was bucking the current gloomy retail trend, with a 9% increase in like-for-like sales over the past 10 weeks. 'There's still a lot to do but the results are a confirmation of the work that we have already done to improve the business,' he said. He was looking to the future 'with considerable confidence'.

Moss Bros has been the subject of bid speculation, with Joe Bloggs jeans boss Shami Ahmed sitting on a stake of 6%. Kevin Stanford, the retailer behind the Karen Millen chain, has built a stake of just over 9%.

But Wright said: 'I am concentrating on putting the company to rights. If Shami Ahmed or Kevin Stanford wishes to make a bid, then of course the board would consider it. But there has been no formal offer.'