Asos revenue surges 25%

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Asos has posted record profits as sales have boomed over the course of the pandemic.

Pre-tax profits reached £112.9m for the six months ended 28 February and revenue rose 25% to £1.98bn.

Commenting on the results, chief executive Nick Beighton, said: “We are delighted with our exceptional first-half performance and proud of the work our teams have put in to achieve this.

“These record results, which include robust growth in sales, customer numbers and profitability, demonstrate the significant progress we have made against all of our strategic priorities and the strength of our execution capability. The swift integration of the Topshop brands and the impressive early customer engagement is also especially pleasing.”

Active customer base grew 1.5m to 24.9m.

Richard Lim, chief executive of Retail Economics, said:

“Relaunching the brand within three weeks of its acquisition, showing the kind of agility that other retailers aspire to.

“Overall, the retail industry is entering a period of consolidation as brands benefiting from the digital shift become stronger and look to acquire weaker players in the market.”

Asos shares are trading -1.42% at 5,706.00 (0856GMT).