StockMarketWire.com - Online fashion retailer Asos reported a rise in annual profit, but forecast a lower profit in the current financial year amid cost pressures.

The company also announced a string of executive changes as Nick Beighton steps down as chief executive, while Ian Dyson was appointed chairman.

Mat Dunn, chief financial officer, will take on the additional role of chief operating officer and lead the business on a day-to-day basis, with Katy Mecklenburgh, currently director of finance, to support as Interim CFO.

Ian Dyson, meanwhile, is set to become Chair, replacing Adam Crozier.

For the year to 31 August 2021, adjusted pre-tax profit rose 36% to £193.6 million as revenue increased 22% to £3.91 billion.

Looking ahead to fiscal 2022, adjusted pre-tax profit was expected in the range of £110 million £140 million, and sales growth was expected to be in the range of 10% and 15% with H1 revenue growth in mid-single digits.

The lower profit reflected normalised returns rates and resultant removal of the £67.3m COVID-19 related benefit, cost headwinds including freight costs, and labor cost inflation.

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