Online fashion retailer Asos met forecasts with a 23 per cent rise in full-year profit as sales continued to soar both in Britain and in overseas markets.

The group, whose celebrity fans include US First Lady Michelle Obama and pop singer Rita Ora, also said today it had started its new financial year positively and would step-up capital expenditure investment to £55 million in each of the next two years.

Asos made a pretax profit of £54.7 million in the year to August 31st.

That compares with analysts’ consensus forecast of £54 million and £44.5 million made in the 2011-12 year.

Revenue, reported last month, rose 39 per cent to £769.4 million, while retail gross margin increased 100 basis points versus the prior year. (Reuters)