The fall reflected the disposals of Lewis, Burberry and Welkamp, but there were problems at GUS's core businesses.
Profits halved at UK DIY retailer Homebase, from£113 million to£51.8 million. Sales at Argos Retail Group were up 4 per cent to£5.5 billion, but earnings at the Argos chain fell 9 per cent to£291 million. The group stressed that both Homebase and Argos had outperformed their markets.
Subject to shareholder approval, the proposed demerger of the Experian will take place in October. Following the deal, both businesses will be listed independently on the London Stock Exchange. The demerger is expected to raise£800 million.
GUS group chief executive John Peace said: 'Although we remain cautious about the UK retail environment in the short term, we are confident that both Argos and Experian have clear strategies for growth in the medium and longer term.'
No comments yet