Business

Asos hails 'improving momentum' as profits rise 18%

Asos logo Image copyright Getty Images

Online fashion retailer Asos has reported an 18% rise in half-year profit, helped by what it called "improving momentum" within the business.

Pre-tax profit for the six months to the end of February was £21.2m compared with £18m a year earlier.

The results are the first under new chief executive Nick Beighton.

Asos said the half-year figure was in line with expectations and maintained its outlook for the year.

The online retailer reported a 17% rise in active customers to 10.9 million people.

The UK market remained its strongest, with sales up 25% to £289.5m, accounting for almost half of the firm's revenue. International sales rose 24% to £359.1m.

Mr Beighton said: "We've had a good start to the year and I'm pleased with progress on a number of fronts. These results demonstrate improving momentum in the business with group sales up 21% (25% in constant currency)."

Nick Robertson, the founder of Asos, stood down in September last year after 15 years at the helm. although he remains on the company's board as a non-executive director.

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