Online fashion retailer Asos (ASC:AIM) has been riding high over the past year with its shares having surged well above pre-pandemic levels as its profit soars.
Given the tough comparatives it has laid down with the 275% surge in first half profit it reported in April, perhaps it’s no surprise chief executive Nick Beighton has decided to cash in some of his shares.
Beighton sold 29,558 shares at the start of this week at a price of £51 each, in a deal worth around £1.5 million. Following the sale, he retains 154,101 shares in the company.
The deal is Beighton’s first significant sale of shares in almost three years, and comes after the aforementioned surge in adjusted pre-tax profit in the six months to 28 February 2021 as lockdown restrictions led customers to shop online.
Despite the strong performance its shares barely reacted at the time and have continued to drift somewhat lower in recent weeks, falling from highs earlier in 2021 of £59.18 to around £47.59 today.
A beneficiary of the consumer shifts accelerated by Covid, in its interim results ASOS also left its second half outlook unchanged, citing the uncertain economic prospects of its core fashion-loving 20-something customer base and with restrictions starting to ease.
OTHER DEALS
David Morgan, the executive chairman of advertising and marketing firm The Mission Group (TMG:AIM), has sold 1.6 million shares in the company at a price of 80p each in a deal worth £1.3 million.
It comes as Morgan is set to retire on 30 September. Deputy chairman Robert Day, who is also due to step down, has sold around 1.37 million shares at the same price in a deal worth just under £1.1 million.
The Mission Group said the sales were part of Morgan and Day’s succession plans and followed institutional demand for the shares.
Dr William Love, founder and chief scientific officer of Destiny Pharma (DEST:AIM), has sold 350,000 shares at a price of 120p each in a deal worth £420,000. Following the sale, Love retains a 10.87% stake in the business and has confirmed he doesn’t intend to sell any more shares until 2023 at the earliest.
For a full list of the week’s most significant trades, click here.
