Flashing up on the screens at Arcadia's West End headquarters yesterday were cuts from Topshop's London Fashion Week catwalk show and shots of Arcadia's chief Sir Philip Green posing with the model and Topshop designer Kate Moss.

The video was a backdrop to the fashion group's annual results breakfast where each chainhears the good and bad news about its performance over the past year. It all told one story: young fashion is selling, even if the mid-market for women's wear has dried up.