Online fashion retailer Asos has once again defied the economic downturn, reporting a jump in pre-tax profits of 68 per cent to £4.1 million for the six months to September 30.

Sales soared 107 per cent to£65.7 million for the period with gross margin up 80 basis points year on year to 46 per cent.

Current trade has continued apace with sales in the seven weeks to November 16 up 104 per cent year on year. Asos finished the period with£8.9 million cash in the bank.

Asos chief executive Nick Robertson said: “Despite adverse economic conditions, we have, with our strong balance sheet and operational cash flows, continued to invest in a number of customer focused and strategic initiatives to support future growth.”

International sales for the e-tailer soared 252 per cent to£11.4 million and Robertson said that this is an important area for growth. Finance director Jon Kamaluddin will be made international director to head the overseas expansion of the business.

Asos now sells more than 19,400 product lines with 700 brands available on its site.

The discount site Asos Red, which launched in September, has had encouraging sales and margin ahead of plan.

In the next six months it plans to launch Asos Kids as well as a premium designer offer. It also intends to redesign its site.

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