Alexon makes payout warning as profits dive

Alexon Group, the troubled Dash fashion retailer, warned shareholders not to expect a dividend for another 12 months as it reported a fall in pre-tax profits from pounds 11.3m last time to a pounds 986,000 loss in the year to 30 January. There was no final dividend. Borrowings at the year-end tripled from pounds 7.7m to pounds 23m, giving gearing of 73 per cent. At one point last year borrowings reached pounds 29m and loan covenants were breached.