Date: Wednesday 14 Jul 2010
Nick Robertson, the founder and chief executive of online fashion retailer ASOS, has raised just short of £15m from a share sale immediately after a first quarter trading update.Robertson sold just over 1.68m shares at 890p each. Prior to the start of the day that was near to the all-time high for the share price. Following the trading statement the share price increased to 948p.
Robertson still owns 7.74m shares, equivalent to 10.32% of ASOS. These are worth more than £73m at the current share price. He also has 901,635 options in ASOS.
Retail sales grew by 54% in the first quarter to June 2010. ASOS reported 58% growth in the first nine weeks of the period. Overall sales were 48% ahead. Gross margins continue to improve as promotional activity is at a lower level.
There was a slowdown in the growth of UK sales. International sales continue to grow more than three times as fast as UK sales. A new US-focused website will be launched in the near future and that could help international growth to be even faster.
KBC Peel Hunt maintains its profit forecast of £28.2m for the year to March 2011 which puts the shares on 37 times prospective earnings for this year. That does not leave any room for disappointment.Top Director Buys
Synergy Healthcare (SYR)
Director name: Mr Gavin Hill
Amount purchased: 7,900 @ 675.00p
Value: £53,325
Environmental Recycling Technologies (ENRT)
Director name: Mr Ken Brooks
Amount purchased: 3,128,523 @ 1.38p
Value: £43,174
United Utilities Group (UU.)
Director name: Mr Tom Keevil
Amount purchased: 6,832 @ 554.50p
Value: £37,883
Modern Water (MWG)
Director name: Mr Robert Clarke
Amount purchased: 50,000 @ 66.50p
Value: £33,250
Environmental Recycling Technologies (ENRT)
Director name: Mr David Shepley-Cuthbert
Amount purchased: 2,173,900 @ 1.38p
Value: £30,000
Finsbury Worldwide Pharmaceutical Trust (FWP)
Director name: Mr Martin Smith
Amount purchased: 3,859 @ 644.00p
Value: £24,852
Manx Financial Group (MFX)
Director name: Mr Arron A F Banks
Amount purchased: 200,000 @ 12.00p
Value: £24,000
PayPoint (PAY)
Director name: Mr Andrew M Robb
Amount purchased: 5,000 @ 262.00p
Value: £13,100
Top Director Sells
ASOS (ASC)
Director name: Mr Nicholas Robertson
Amount sold: 1,683,424 @ 890.00p
Value: £14,982,474
Synergy Healthcare (SYR)
Director name: Mr Marcello Smit
Amount sold: 6,681 @ 666.50p
Value: £44,529
Robert Wiseman (RWD)
Director name: Mr Martyn Mulcahy
Amount sold: 2,500 @ 515.00p
Value: £12,875
Robert Wiseman (RWD)
Director name: Mr Martyn Mulcahy
Amount sold: 2,500 @ 515.00p
Value: £12,875
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