Shares slump as Asos issues third profit warning September 16, 2014 ASOS suffered a wardrobe malfunction with investors yesterday, after the online fashion retailer issued its third profit warning in seven months. The former stock market darling warned it would need to cut prices across its international markets, including Australia, after the strength of sterling made the price of its clothing less appealing for customers. Asos [...]
Analyst Views: How has Asos’ update changed your outlook for the company? September 16, 2014 JOHN STEVENSON | PEEL HUNT Do we still see this business getting to £2bn-£3bn of turnover? Yes. Is the profit outlook at that level of turnover materially different than we thought it might be? Yes. FREDDIE GEORGE | CANTOR FITZGERALD After this update and the revision to 2015 forecasts, there will inevitably be questions over [...]
London Report: Fears over Scotland and Asos statement pull down markets September 16, 2014 BRITAIN’S top share index fell yesterday, with financial stocks underperforming as investors showed reluctance to buy up new positions before tomorrow’s Scotland independence referendum. The FTSE 100 index closed down by 0.2 per cent, or 11.97 points, at 6,792.24 points, with a fall in major financial stocks weighing on the market. Retail shares took a [...]
Asos share price falls 13.7pc following poorer than expected sales growth September 16, 2014 Asos share price plummeted this morning following news of a poorer than expected sales growth for the three months ended August, with a warning that profits will not grow during the next financial year. Shares fell by 13.7 per cent to 2,092 pence on Tuesday, compared to Monday's value of 2,382 pence. The [...]
Entrepreneurial spirit alive and kicking in UK September 15, 2014 ENTREPRENEUR of the year The City A.M. Entrepreneur of the Year award recognises those individuals or groups who set up a successful new venture and are now growing it as a profitable business. According to campaign group Startup Britain, more than 410,000 new businesses launched in the UK in 2014 so far – up from [...]
Photobox boss Stan Laurent: The man driving Moonpig’s growth story September 14, 2014 By the end of April, it became clear to Stan Laurent that London’s doors were effectively closed to new consumer-facing internet companies. There had just been the perfect storm of disastrous market debuts from Just Eat and AO World, along with two profit warnings from Asos that triggered a sell-off in shares of fellow fashion [...]
London Report: Scotland and MPC minutes the main focus for the City September 14, 2014 ALL EYES will be on the result of Thursday’s Scottish referendum, with market watchers keen to know whether or not the 300-year-old union will continue. As far as more normal risk events are concerned, the main one will be Wednesday’s release of the latest set of MPC meeting minutes. That will be complemented by the [...]
Boohoo share price soars after reporting accelerating sales growth September 12, 2014 Boohoo's share price soared six per cent this morning after revealing revenues will be up nearly a third for its first half. The etailer, which went public in March, is expecting revenues to rise 31 per cent to £67m for the six months to August 31, it said in a trading update this morning, [...]
We’ve discovered the UK’s tech unicorns – now we must nurture their growth September 7, 2014 After creating its first product in the 1970s, it took Apple years to become one of the world’s most valuable companies. But in today’s technology sector, a new breed of tech firm is emerging – the unicorn. The unicorn is a startup that grows exponentially to reach a billion-dollar valuation within a few years of [...]
Germany’s €6bn mega-float puts London on notice September 3, 2014 Europe’s biggest online fashion player Zalando, a rival to Britain’s Asos, plans to raise more than €500m (£399m) to fund its expansion by listing a stake on the Frankfurt stock exchange. The announcement comes as London’s tech community launches a fight back to maintain its lead over its European rivals. Yesterday, the Coalition for a [...]