Asos posted a £500m rise in revenue to £2.4bn 

asos evenementiel asosmag magazine

SHARES in Asos have surged 14% after another set of strong results from the fast fashion retailer.

The firm posted a £500m rise in revenue to £2.4bn for the year to 31 August, while profit jumped 28% to £102m, just ahead of expectations.

Shares in the fast-growing online retailer had slumped this year after the firm missed analysts’ forecasts.

However, Asos maintained its guidance for the current year despite record investment.

Chief executive Nick Beighton said: “The potential for our business is huge and we remain focussed on building Asos into the world’s number one destination for fashion-loving twentysomethings.”

Asos sales have risen more than a fifth in each of the past three years as consumers continue to buy more online.

While the company has outperformed high street rivals such as Next or Marks and Spencer, investors get nervous when it misses its targets.

As a result, shares fell sharply in July after Asos reported lower than expected sales growth and are still down about 12% this year despite the £6.72 rise to £56.74 on Wednesday.