In the nine weeks to the end of March like-for-like sales are up 9 per cent on the same period last year. This is partly because the comparison is with very weak trading last year when the group's underlying sales were down by 7 per cent.Adrian Wright, the chief executive, said he was pleased with the performance so far but admitted that there was "much more work that still needs to be done". He said: "It has been 12 months of looking for stability concentrating on three key fascias and getting the cash flow coming through." He added the business had received no recent contact from Mr Ahmed.The slimmed down group now consists of 94 Moss stores aimed at mainstream fashion, 24 Cecil Gee outlets specialising in younger fashion and 10 upmarket Hugo Boss outlets operated under licence. It also has its Moss Hire division which is now offering lounge suits for hire for £35.

"It's for people who otherwise don't have a suit in their wardrobe and it's looking very positive," Mr Wright said. "It's for weddings, funerals and students going for an interview."Mr Wright said Moss Bros was taking market share from Marks & Spencer, Next and Suits You with suits such as its "ultimate business suit", an all-wool garment priced at £149.Moss Bros is concentrating on getting stock into stores more quickly, having four fashion seasons a year instead of two and adding more product innovation The dividend is 0.75p per share.. But she added in a speech to members of the Association of British Insurers that they ought not to take its key concept of "comply or explain" actually to mean "comply or else".Mr Higgs said companies ought to be free not to adopt his findings on how the role of non-executive directors could be beefed up, as long as they issued a satisfactory explanation for their decision.Ms Hewitt said: "Some businesses have told me that some investors have made it absolutely clear to them that if they don't comply with the code they'll be voted against – automatically." Such behaviour would give corporate governance "a bad name", she added.Mr Higgs' work has provoked outspoken comments in the City. Prominent businessmen such as Sir Nigel Rudd, the chairman of Pilkington, have said aspects of the review are "nonsense".There have also been mixed feelings among institutional investors. While fund managers such as Hermes have praised the proposals, others have warned companies could suffer, for example by getting rid of good directors because they do not comply with Mr Higgs' guidelines on length of tenure.At the same time, Ms Hewitt cautioned the Government also has little sympathy with companies which have awarded their executives outlandish pay packages while the health of their companies has suffered.She urged members of the ABI to clamp down on huge pay-offs to failed directors who "filled their pockets" at the expense of shareholders.Separately, Don Cruickshank, chairman of the London Stock Exchange, added his voice to the chorus in the City pressing for Mr Higgs' proposed new regulations to be watered down before being included in the Combined Code. Mr Cruickshank said much of the Higgs' work was "very balanced and nuanced", but criticised the list of proposed new guidelines..

In the face of strong resistance from the US, the International Monetary Fund has shelved its ambitious plan to ensure orderly default procedures for countries overwhelmed by the burden of their foreign debts. These would have prevented individual creditors blocking a restructuring deal agreed by a so-called "super majority" of creditors, and lessened the risk of disruptive legal action while rescheduling negotiations were under way.Had the SDRM gone through, it would have been a sovereign debt equivalent to corporate bankruptcy Chapter 11 proceedings in the US allowing a company to continue doing business while it puts its finances back into order. Many US officials argue that the very existence of such a scheme would make defaults seem less painful to countries in financial difficulty – and therefore more likely.The demise – at least for now – of the scheme is a blow to the IMF, anxious to avoid repeats of the 2001-02 fiasco in Argentina, which led to severe criticism of the Fund. It is also another sign of US scepticism about multilateral institutions, so much in evidence over the United Nations' role over Iraq.Mr K?r was moderately upbeat about the economic fall-out of the conflict, saying that the war was likely to be short."The overriding priority of our spring meeting must be to help restore confidence to consumers and investors worldwide," he said.. Fitness First added to the trend for health clubs leaving the stockmarket yesterday after the budget operator agreed to a £204m management buyout backed by Cinven, the private-equity group. Fitness First issued a profit warning in October, since when it said trading had got worse.Mr Balfour said: "It's a much safer option to be in the private market for the time being.