Brexit's created a sales boom for Asos

International shoppers are flocking to the British retailer...

Brexit's created a sales boom for Asos

Tim Goode / PA Wire

Asos has experienced a jump in its half-year profits as its international business has taken off since the UK voted to leave the EU.

As Brexit has dragged down the value of sterling Asos goods have become relatively cheaper for shoppers outside of the UK.

Union Jack Kimono listed on Asos

Its profits rose by 14% to £27.3m (€32m) as its sales enjoyed a 31% bump rising to £889.2m (€1bn).

UK sales were 18% higher, while its international sales were up by 42%.

Chief executive, Nick Beighton commented on the results: "As a net exporter, sterling weakness has created a foreign exchange tailwind for the business which has enabled investment above previously planned levels into both price and proposition."

The company now expects its full-year sales to be between 30-35% higher. That's up from a previous growth forecast of between 25-30%.

However, its margins have been squeezed as it has cut prices.

This means that sale increases will not boost profits by the same proportion - the news led to a 3.8% drop in its share price this morning.

Asos has a total of over 14 million active customers worldwide - that's an increase of more than 3 million compared to 2016.

More than 85,000 products are listed on its marketplace which sells goods from a number of the world's leading high street brands and its own fashion lines.