12/12/2005
Online retailer ASOS has suspended trading in its shares after yesterday’s massive explosions at the Buncefield fuel depot damaged its new Hemel Hampstead warehouse.
The fast growing clothes retailer has also temporarily ceased activities on its website, while the group assesses ‘the scope of the damage’. The warehouse is only half a mile away from the depot and chief executive Nick Robertson said 'we are not allowed into the site to inspect damage at present'. He added that a visit might take place tomorrow morning and he would release further information when he was able.
On Friday ASOS’ shares closed at 77.5p, against a year-high of 85.5p attained before slightly disappointing interim figures last month. The company admitted one-off costs of £251,000 connected with moving to the new warehouse had turned last time’s £126,000 pre-tax profit into a £120,000 loss. Sales in the six months to September rose 78 per cent to £8.3 million.
The suspension comes at the retailer’s busiest time of the year, in the run up to Christmas, but ASOS commented that it is fully insured both for stock loss and business interruption.
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