High-street mogul Philip Green has given himself a record dividend of £1.2 billion after his fashion group Arcadia reported a modest increase in annual profits.

The amount is nearly four times the annual operating profit of the company, which Green has been lauded for reviving the fortunes of since he took it over in 2002.

Arcadia's pre-tax profits grew to £252.79 million compared to profits of £246.33m last year.

Operating profit for the year rose 10.1 per cent to £326.1m, while net sales grew 6.8 per cent to £1.77bn. Same-store sales for the year edged up just 1.3 per cent, however, while total sales have risen by a meagre 3 per cent since the August year-end.

Green, who missed out on a dividend from his Bhs chain earlier in October, said the total amount paid to himself and minority shareholders would be £1.3bn.

He added: "I am delighted to announce that our third year, since acquiring the business in October 2002, has again produced an excellent set of results for the Arcadia Group".

Green owns 92 per cent of Arcadia, which boasts the Top Shop, Topman, Miss Selfridge, Wallis, Dorothy Perkins, Burton, Outfit and Etam high-street names.