Chairman Sir Harry Djangoly said the past 12 months had seen 'heartening improvements' in the group's continuing threads and retail businesses, which includes the Jaeger and Viyella brands.
The company, based in Studley and Redditch, says it has no idea why British textile giants Coats Viyella decided not to renew its order for 100 million needles a year.
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More than 1,000 jobs have been lost after Austin Reed announced yesterday that its 120 UK stores - including its Viyella Men, Viyella Women and Country Casuals shops - are to close.
stylist Greg Milne was stunned when he turned up to work behind the scenes on a shoot for luxury clothing line Viyella and ended up in front of the camera.