MARKTRAP: Online retail giant Asos is back in fashion despite the slump in profits

Online shopping giant Asos was once again in fashion with investors, even after the publication of half-year results that showed a profit decline of 87 percent.

After a profit shock in December and a difficult trading period in the six months to February, in which chief executive Nick Beighton admitted that there are a number of things that we can do better, the company has left.

Asos refused to make full-year forecasts, saying it had identified areas where it could improve and & # 39; took action & # 39 ;. Investors were convinced when stocks rose by 7.8 percent or 247p to 3397p.

Part of the problem for millennial-favorite Asos was his major investment in new technology and infrastructure, which caused significant disruptions and costs in moving systems.

Asos was released after a profit shock in December and a difficult trading period in the six months to February

Asos was released after a profit shock in December and a difficult trading period in the six months to February

But as a sign that the company may have taken off the ball, Beighton added: & # 39; We should have saved more skirts for animal prints. & # 39; Such items proved hugely popular with customers during that period, and Asos admitted that it had not ordered large enough quantities of the most requested products. Heavy discounting has also affected its performance.

Although profits fell from £ 39.9 million to just £ 4 million, group sales increased 14 percent to £ 1.3 billion. But in an effort to prove to investors that the growth story of his company was not yet over, Beighton said: & # 39; Asos can do much more. & # 39;

Elsewhere in the fashion world, Ted Baker tried to ignore boss Ray Kelvin's hug scandal when it announced a Chinese joint venture.

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Shares in the seating and catering business The Arena events increased after the company showed strong results for 2018.

Turnover at the company, which accommodates Dancing On Ice from ITV and the Ryder Cup 2018, increased by 24 percent to £ 135 million, and the dividend was increased by 11 percent to 1.5 percent.

Boss Greg Lawless said he expected more growth, especially in 2020, where the US Open tennis tournament, the US Ryder Cup and the Tokyo Olympics will be on display. The shares increased by 20.6 percent or 6.5 p to 38 p.

It will collaborate with Shanghai Longshang to create a new company that will manage the presence of Ted Baker in the region and strive to manage its expansion. The shares increased by 1.2 percent or 18 p to 1488 p.

The FTSE 100 ended the day almost flat, 0.05 percent or 3.66 points, at 7421.91.

Reckitt Benckiser was one of the largest increases of 6.5 percent, or 416p, to 5992p because it tried to distance itself from the troubled drug company Indivior.

Tesco stood out among the blue chips, with a climb of 3.6 percent or 8.4 p, to 242.3 p because it showed a sharp rise in profits.

And Pagegroup reinforced the FTSE 250 in black, while the recruiter took away the concerns that the Brexit could dampen the job market.

Earnings in the first quarter of 2019 increased in all four major regions: the UK, Asia Pacific, North and South America and Europe, the Middle East and Africa. The shares increased by 5.4 percent, or 26.8 p, to 520 p.

After the start of 2019, the quietest quarter for stock market quotations heralded in eight years, a slightly more busy second quarter continued with the Network International float.

The Dubai-based payment group reached the stock market with its shares priced at 435p, but by the end of the day they had increased by 20 percent to 522p, bringing the company to a value of around £ 2.4 billion.

Britons still have a preference for bowling, according to the Hollywood Bowl, which saw sales increase by 5.4 percent in the first half of the fiscal year to March 31. Investors might have hoped more, while the shares fell by 1.8 percent, or 4p, to 216p.

Despite winning a £ 1.5 million contract with transportation manufacturer Bombardier, the Petards surveillance software company slipped after the 2018 results were released.

Sales increased from £ 15.6 million to £ 20 million, but costs overshadowed performance and profit fell from £ 1.2 million to £ 1.1 million. The shares fell by 8 percent or 2p to 23p.

The Canada-based oil and gas company Cabot Energy caused excitement because it confirmed that it was still in talks with buyers and investors. The company warned earlier this month that it needed new cash to survive, but the shares yesterday shot at a rate of 50 percent, or 4.75 p, to 14.25 p.