Nov 13, 2020
Asos director sells down after pre-tax profits quadruple
Asos director Nicholas Robertson has disposed of £13.6m-worth of shares in the company, a few weeks after the fast-fashion retailer revealed that it had more than quadrupled its pre-tax profits over its latest financial year. Asos shares have marched a steep ascent this year in step with a surge in online clothes shopping, as coronavirus restrictions have limited shoppers' ability and willingness to visit clothes outlets. As with other beneficiaries of this year's trading conditions, Asos shares dropped on November 9 following Pfizer's coronavirus vaccine announcement, falling by a tenth. Now the company is forecasting full-year sales to be flat or better than 2019, at £172m-£176m. Investors have taken notice; Luceco's share price has almost doubled since the start of the year, and is trading close to its all-time high of 260p, from 2017. Luceco handed investors a half-year dividend as well as the suspended final 2019 dividend last month, and has increased its payout policy from 20-30 per share of adjusted earnings per share to 40-60 per cent.
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