Monsoon fashions menswear range

Monsoon, the womenswear retailer, is to launch its first menswear collection this autumn as it steps up its expansion programme.

Monsoon, the womenswear retailer, is to launch its first menswear collection this autumn as it steps up its expansion programme.

The company plans to roll its Monsoon Men's collection out across 12 stores, while opening one standalone menswear store in London's Covent Garden. Peter Simon, the chairman, said the menswear ranges would echo the unique style embodied by its womenswear collections.

The group, which mounted a failed attempt to buy back its meagre free float last year, announced a 15 per cent increase in annual pre-tax profits to £44.1m. Underlying sales growth of 5 per cent and an aggressive store expansion was behind the profit rise, Mr Simon said.

The company confirmed its decision to axe dividend payouts, opting instead to pump the money into opening new Monsoon and Accessorize stores. Analysts have criticised the company's reluctance to use its £50m net cash pile to fund its roll-out programme, but Mr Simon defended the group's prudence. "I feel we should have the security of some money on the balance sheet," he said. Mr Simon's family controls 75 per cent of Monsoonthrough family trusts.

Since Mr Simon made his 136.5p offerlast year, Monsoon shares have climbed to 179.75p.

The company also appointed Mr Simon's brother, Anton, to its board as the sole non-executive director yesterday. He will represent the group's biggest shareholder, the Beauchamp Trust, which in turn represents Mr Simon, who said there were "no plans" to appoint any independent directors.