Retail and financial information group GUS on Tuesday reaffirmed plans for a partial float of luxury goods brand Burberry which is expected to value the luxury goods business at more than £1 billion.

The confirmation came after Burberry posted a 30 per cent climb in annual operating profit to £90.3 million compared to £69.5 million in the year-ago period. That surge helped push GUS' pre-tax profits up 13 per cent to £552m, excluding exceptional charges.

GUS chief executive John Peace said he expects to float up to 25 per cent of Burberry in mid-July. He added: "The plan to float part of Burberry is an important step in the strategic focus of GUS.

"Through the retention of a majority stake in the business, GUS shareholders will benefit from Burberry's future growth potential while giving new investors the opportunity to participate directly in this exciting company."