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ASOS FD in line for payout after strong sales

ASOS FD Nick Beighton is to collect shares worth £11.4 million after strong performance

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The finance director and former FD of online clothing store ASOS are set to reap £30 million worth of shares after a management incentive plan paid out in full thanks to the retailer’s impressive growth over the past three years.

ASOS FD Nick Beighton is to collect shares worth £11.4 million, while Jon Kamaluddin, former FD and current international director, is to pick up £9.6 million.

Chief executive Nick Robertson and Robert Bready, product and trading director, are also set to pick up about £23.3 million and £12.4 million respectively.

During the term of the three year management incentive plan running from 2010 to 31 March 2012, the management team “has been extremely successful in generating real returns for shareholders. On 31 March 2012, ASOS's market capitalisation was £1.37 billion, up from £218.5 million on 31 March 2009, an increase of over 500 percent”, the company said in a statement on Thursday.

The company reported retail sales up 49 percent boosted primarily by international markets, with international retail sales growth of 103 percent offsetting weaker UK growth of 7 percent.

Group revenues were up 46 percent to £495 million, compared to £339.7 million the previous year. Pre-tax profit rose 43 percent to £40.9 million, up from £28.6 million in 2011.

The company said it remained “committed to our goal of achieving £1 billion sales from five major markets by 2015”.

“We remain positive in our outlook for 2012/13 as we continue our journey to becoming the world's number one online fashion destination. Our international roll out continues and our 1:5:5 ambitions for the company are in sight,” CEO Nick Robertson said.

Read also:

CFO interview with ASOS FD Nick Beighton


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