Fashion chain Next has said it has identified a “procedural oversight” with regards to its dividend payments.

Next said that it had failed to file accounts ahead of payouts in 2014 and 2015 in contradiction of the UK Companies Act, which requires companies to demonstrate that they have sufficient reserves for dividends.

In a statement, the company said: “The issue is of an historic nature and there is no change to the financial outlook of the Company as a consequence of this technical matter. It also has no impact on the Company's intentions or ability to continue returning its surplus cash flow to shareholders via future Special Dividends or Share Buybacks. The Company's past accounts will not need to be restated and no dividends are expected to be repaid.”