BUSINESS LIVE: Aston Martin lifted by DB12; Next ups profit expectations; Asos sales to weaken

Asos has forecast yet another year of falling sales in 2024 but the budget fashion retailer said its turnaround plan was starting to take shape and growth would return the following year.

Chief executive Jose Antonio Ramos Calamonte took over in June 2022 aiming to revamp Asos, which struggled when people returned to shops after the pandemic, while its own operational problems hit its performance.

Asos posted a £29million loss before nasties for the year to 3 September, just behind a consensus forecast for a £24million loss.

It expects 2024 sales of declines of 5 to 15 per cent, but to return to core growth in 2025.

Odey Asset Management is closing its doors for good – less than six months after its disgraced founder Crispin Odey faced fresh allegations of sexual misconduct.

The 32-year-old company said that it would wind down after moving its funds and managers elsewhere.

This will include shutting both Brook Asset Management and Odey Wealth, it said on its website.

Next has raised full-year profit expectations for the fourth time in six months after a better-than-expected 4 per cent rise in third-quarter full-price sales.

The group, which trades from about 460 stores in the UK and Ireland and has an online presence in over 70 countries, is often considered a useful gauge of how British consumers are faring.

Next now expects to post a pre-tax profit of £885million for the year to January 2024, up from previous guidance of £875million and the £870.4million made last year.

Aston Martin losses came in higher than expected in the third quarter as ‘exceptional demand’ for its new DB12 sports car was frustrated by temporary production issues.

The luxury car maker started delivery of its next-generation sports car last quarter, and expects its 2023 volume to come in at 6,700 units, from an earlier forecast of about 7,000 units.

‘Given the initial delays experienced with the DB12 ramp up during Q3, we have marginally updated our FY volume outlook as the impact limits production capacity for the full year,’ the company said in a statement.

Aston Martin, which retained the rest of its 2023 outlook, reported an adjusted operating loss of £48.4million on revenue of £362.1million in the three months to 30 September.

This was worse than analyst forecasts of a £38million loss on revenues of £370million.