Asos reports small rise in annual profits

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Online clothing retailer Asos has reported a 1% rise in pre-tax profit to £47.5m for the year to the end of August, compared with £46.9m a year earlier.

It said UK retail sales were 27% higher in the year to £474m.

Total global retail sales were 17% higher at £1.12bn.

The annual results come a month after ASOS chief executive Nick Robertson stood down from the company he founded 15 years ago.

'Encouraging progress'

In April, Asos reported pre-tax profits of £18m for the six months to 28 February, down 10% from £20.1m a year earlier.

However, the firm said it was confident of hitting its full-year profit target.

Nick Robertson's successor as chief executive of Asos, Nick Beighton, said the latest set of results showed "encouraging progress".

He added that the company invested £50m its warehouse capability and technology during the year and would be investing a further £80m this year.

Asos said its active customers increased by 13% to just below 10 million in the year.

The new financial year had started well, Mr Beighton added, and said Asos expected sales to increased by as much as 20%.