ASOS prepares to take back its golden crown on AIM
Nick Beighton’s departure from ASOS (AIM:ASC) has the feel of the sacking of a football manager who hasn’t delivered what the owners want. Under his tenure, the company’s performance has been steady with revenues rising in every year at a compound annual rate of 19%. But there have been missed promises along the way and it has been a long time since ASOS delivered the silverware for its investors. But are things about to change, for the better?
From an all-time high of almost 8000p in 2018, the ASOS share price recent fell back to 2266p – a level not seen since 2013, when operating profits were a quarter of those achieved in the 2021 financial year. Beighton isn’t the only senior director on his way out. Serial-chairman Adam Crozier is vacating his position as the head of the board for the same role at BT and will be replaced by Ian Dyson at the end of this month. Chief financial officer Mat Dunn has been shunted sideways to chief operating officer and assumed the role of chief executive…