Oct 17, 2018
Opening Quote: Asos growth ‘slows’, Crest finance director goes
In July, Asos said sales growth had slowed to 21 per cent at constant currencies when analysts had been led to believe it would be 25 per cent - sending its share price down 10 per cent. Asos then warned full-year sales growth would be at the "Lower end" of a 25-30 per cent range. Reuters said the analysts' consensus estimates were for group revenue of £2.41bn and pre-tax profit of £101m. What was said: Chief executive Nick Beighton said "Quot;This has been another year of substantial progress for Asos. We delivered 26% sales growth and 28 per cent profit growth whilst investing heavily in the long-term potential of the business. Our reported profit increase was achieved despite bearing material transition costs due to our investment programme." Crest Nicholson margin lower than the previous guidance of 18 per cent. Barratt total forward sales up 12.4 per cent on the prior year at a value of £3.17bn. Bottom line: Crest Nicholson pre-tax profit to fall to the lower range of £170m to £190m; Barratt still "Confident of delivering a good financial and operating performance in FY19".
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