Next on course to overtake M&S after huge rise in pre-tax profits

Fashion chain Next toasted a “great year” for the group today as a £695m annual profits haul put it on course to overtake rival Marks & Spencer for the first time in its history.

The milestone performance comes after impressive Christmas trading, which helped full-year sales across its Next Directory catalogue and online division leap 12.4% higher while its stores notched up growth of 1.7%.