Date:25 May 2012
Asos chief executive to receive bumper payout
Nick Robertson, chief executive and co-founder of Asos, is set to receive a bumper payout of nearly £25m in shares after the online fashion retailer reached its three-year management incentive plan’s targets. Mr Robertson and six other directors invested around £200,000 of their own money into the plan that took effect on 1st April 2009. Based on yesterday’s closing share price of £16.55, Mr Robertson’s 1,489,584 shares will be worth £24.7m. From 30th September he will be able to cash in half of these and the other half on the same date next year. The six other employees will receive 2,511,238 shares, netting a total of £41.6m.
The bumper payout was revealed as Asos posted a 43% surge in underlying profits to £40.9m in the year to 31st March, driven by strong growth in international revenues and group margins. However, the online fashion retailer suffered a slowdown in UK sales growth, with sales up 7% year-on-year to £197.7m, compared with 25% growth in the previous year. International revenues soared 103% to £283.7m in the year to 31st March. Asos said it is confident of delivering £1bn of sales from its five major markets of the UK, US, Germany, France and Australia by 2015.
Asos has 4.4m active customers in 160 countries and said that among 15-34-year-olds it was the “second most-visited apparel website on the planet”.