Ted Baker posts sharp profits rise

Ted Baker said it was "pleased" with early sales of its spring and summer collections, as it grew pre-tax profits by nearly a quarter. The quirky fashion brand, which has a retail, licence and wholesale arm, grew revenues by 14.7 per cent to £187.7m over the year to 29 January, boosted by an increase in selling space.

Robert Breare, the chairman of Ted Baker, said: "We anticipate that 2011 will be a challenging year given the economic outlook, but are pleased by the positive reaction to our spring/summer collections." The group, which operates in regions including Hong Kong and the US, fashioned a 24 per cent rise in pre-tax profits to £24.2m. Ray Kelvin, its chief executive, said "The group's excellent performance is testament to the strength of the Ted Baker brand."