Nick Robertson, founder and non-executive director of online fast fashion retailer ASOS (ASC:AIM), has sold £10 million worth of shares in the business.
Between 27 and 31 January, Robertson sold a total of 450,000 shares in three separate tranches at prices ranging from £22.03 to £22.56.
Robertson still holds more than 2.8 million ordinary shares representing 2.89% of ASOS’s issued share capital.
In September 2015, Robertson stood down as chief executive of the fashion retailer he co-founded in 2000 and was replaced by Nick Beighton, previously the firm's chief operating officer.
Group sales in the four months to December 2021 were up 5% in constant currency, in line with recent guidance despite being constrained by industry-wide supply chain disruption and slower customer growth amid increased uncertainty surrounding the Omicron variant.
ASOS continues to guide for full year revenue growth in the range of 10% to 15% and adjusted pre-tax profit of between £110 million to £140 million.
Having been a trailblazer on AIM, the firm is due to switch its listing to the Main Market by the end of February. The company's shares have lost around 45% over the last six months.
WIZZ-AIR CHIEF NETS £4 MILLION
Jozsef Varadi, chief executive of low cost carrier Wizz Air (WIZZ) sold 100,000 shares on 31 January at a price of £40.55 netting proceeds of over £4 million.
Over the last six months the share price has drifted 16% reflecting nearly two years of heavy losses caused by the ongoing drag of Covid.
In its latest update, rival Ryanair (RYA) said it expected its pricing power to increase eventually as capacity on sought-after destinations is stretched, but Váradi is less bullish.
He thinks there will be a glut of provision to popular resorts which will force rivals to keep pricing keen.
Varadi’s more cautious view on the outlook for the airline sector may help to explain his decision to sell stock.
