New Look climbs out of the red but says a float is off the agenda for now

The fashion retailer New Look will not attempt another flotation for at least a year after its last effort ended in failure two years ago, according to the chief executive.

Anders Kristiansen said: "We know we need to continue to deliver, so it's not something on our mind right now. I cannot see us doing an IPO in the next 12 months."

His comments came as New Look posted pre-tax profits of £13.8m in the six months to the end of September after a £13.6m loss last year.

A successful renegotiation of its debts has seen chief financial officer Alastair Miller step down after 13 years. Sales rose 6 per cent to £753.2m, although Mr Kristiansen added his name to a long list of retailers who have warned that the economic recovery is not being felt by customers because inflation is rising faster than wages.

UK like-for-like sales rose 2.6 per cent and online business soared 78.8 per cent, thanks in part to a successful link-up with online retailer Asos.

In 2010 private equity owners Primera and Apax Partners attempted an IPO but faced concerns from potential investors over its £1.1bn debt pile.

Meanwhile, Asos said it has launched its first website in China, its eighth country-specific site.