ASOS has reported a rise in profits in the last financial year despite a fall in sales.

The online fashion retailer stressed its progress in cutting costs and clearing stock even as revenues slipped. However profit came in at the lower end of the expected range, it said.

The company had previously forecast core profit of £130-150 million. Adjusted EBITDA was up more than 60% year-on-year, it reported.

The online fashion retailer, which has faced intense pressure from inflation and shifting consumer demand, said it has reduced inventory sharply year-on-year.