Department store group House of Fraser on Friday reported a 3.5 per cent year-on-year rise in underlying full year profits to £26.5 million.

The firm, which owns the Rackhams, Army & Navy and Dickens & Jones chains, said in a statement one-off charges cut that pre-tax figure to £17.8m.

"We have made a significant impact on efficiencies across the business and reduced our ongoing cost and debt levels," said chief executive John Coleman in a statement.

He added several financial buyers had approached it recently but said it the firm not engaged in any buy-out discussions with them.