03:24
Asos profits triple as pandemic boosts sales
Asos has more than tripled first half profits to a record £113m and raised full year expectations as the online retailer continues to prove to be a major winner during the pandemic.
The company also said that the Topshop, Miss Selfridge and activewear brand HIIT brands, acquired from Sir Philip Green’s Arcadia empire for £330m in February, have been “seamlessly” integrated into its online platform and have seen “great early customer momentum”.
Asos reported a 253% year-on-year increase in pre-tax profits to £106.4m in the six months to 28 February, as total group revenues climbed 24% to £2bn.
03:19
Australian government monitoring GFG steel developments
Australia’s government has signalled that it may consider providing financing to mining operations owned by GFG, the metals conglomerate owned by Sanjeev Gupta, which faces further legal action seeking to wind it up.
Gupta’s metals empire has come under intense pressure after its key lender, Greensill Capital, collapsed. Gupta has been scrambling to find new lenders to replace as much as $5bn (£3.6bn) lent by Greensill.
Credit Suisse, the bank which funded Greensill’s loans (and which is facing its own pressures), this week filed to liquidate two of GFG’s Australian businesses. Credit Suisse has already made a similar move in London.
Citibank, acting on behalf of Credit Suisse, applied for courts in New South Wales to wind up Onesteel Manufacturing, which operates the Whyalla steel operation in South Australia, and Tahmoor Coal.
Simon Birmingham, Australia’s finance minister said the government was monitoring developments, with an initial hearing not scheduled until 6 May. Reuters reported that he told ABC radio on Thursday:
Governments are monitoring this situation very closely and indeed doing the type of contingency thinking and planning that that would be prudent in these sorts of circumstances.
He said financing options provided the last time the steelworks moved into administration were being considered.
Our government continues just to make sure we are looking at those examples from the past and being mindful of how we could respond if we need to.
