Fashion group Alexon is to return cash to shareholders and revealed that trading has not improved since its interim results in September.

The retailer, which operates brands such as Bay Trading, Kaliko and Dash said that since September 24, “the pattern of trade has remained unchanged”.

At the time of the interim results, like-for-likes were down 5 per cent. Alexon added that while gross margins were ahead of the previous year, “the current trading climate remains challenging and the outcome for the year is largely dependent on the critical Christmas trading period".

Alexon will return 30p a share to shareholders, which equates toÂŁ17 million or just more than 20 per cent of its market capitalisation.

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