Investors shrugged off Debenhams’ decision to pass its first-half dividend, pushing the shares up 22 per cent on better-than-expected profits and reassurance on the department store chain’s near-£1bn debt burden.

Pre-tax profit rose from £92m to £102.2m ( $150m) in the 26 weeks to February 28, compared with analysts’ forecasts of £95m. Underlying profit, which strips out historical charges, rose from £94.1m to £104.2m, sending the shares up 13¾p to 77¼p.