Online fashion retailer Asos continues to buck the downturn, recording pre-tax profits up 117 per cent to £7.3 million.

For the full year to March 31, Asos sales climbed 90 per cent to£81 million. Current trade also shows strong growth, with sales for the 13 weeks to June 27 surging 95 per cent year on year. This compares with 85 per cent for the same period last year.

"While the macro-economic conditions appear to be deteriorating we have and will continue to benefit from the significant migration to online shopping, especially among our core customer base,” said chief executive Nick Robertson.

“This is reflected in the record number of unique visitors we now receive. In May, we had 3.4 million unique visitors, a 60 per cent increase year on year.”

In Asos’s next financial year, it will launch its branded clearance section AsosRed. The offer will initially consist of about 20 brands, expanding to about 50 within six months. Robertson said: “EBay has proved that the internet can be a very efficient channel for clearing end-of-season and markdown stock. We also know from research that eBay and other sites, where this type of stock is available, are popular with our customers.

“By applying the Asos presentation techniques to this end-of-season stock, we will be able to enhance the image of the brands and product and provide an overall better customer experience.”