Nick Robertson, the founder and chief executive of online fashion retailer ASOS (LON:ASC), 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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
