For the year to August 31, 2019 the pureplay fashion retailer reported profit before tax of £33.1m, down 68% from the same period in 2018, which the business blamed on “substantial transition and restructuring costs”.

However, after a year in which Asos made a number of profit warnings, the retailer reported a 13% increase in group revenues to in excess of £2.7bn and in retail sales to £2.6bn.

Asos also reported an 8% uptick in gross profit to £1.3bn.