The clothing retail group headed by controversial businessman Sir Philip Green has revealed falling profits.

Taveta Investments has reported profits after tax for the financial year to August, 2016 of £16.7 million (2015: £139.3million).

The group incurred exceptional costs of £129.2million including costs relating to the administration of BHS and subsequent regulatory investigations.

Taveta is the holding company for Arcadia whose brands include Top Shop, Top Man, Dorothy Perkins, Burton, Wallis, Evans, Miss Selfridge and Outfit.

"Turnover for the year for continuing operations totalled £2,018.4million (2015: £2,069.3million) reflecting the ongoing challenging global market conditions," Taveta reported.

"The retail industry continues to experience a period of major change as customers become even more selective and value conscious and advances in technology open up more diverse, fast-changing and complex sales channels.

"Clothing has also become a less important part of the household budget. This is set against an economic environment of a continued slow recovery from a deep recession and the uncertainty caused by Brexit.

"The group continues to explore exciting new ways to develop the business and actively encourages original ideas and innovation."

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