Asos, the recession-defying online fashion retailer, continued its stratospheric rate of growth in the autumn, although it relied on its overseas operations to continue its previous pace.

Revenues were 46 per cent ahead in the seven weeks to November 15, nearly matching the 47 per cent rate of improvement Asos reported for first six months of the year to September 30.

Nick Roberston, the chief executive of Asos, said that "international sales have accelerated" and the company's overseas operations from the US to France, Germany and Denmark now represented 25 per cent of the group's overall turnover.

In the UK, sales growth dropped to 23 per cent in the autumn from 33 per cent in the first half to September 30, as the business shows the first signs of maturing. Meanwhile, overseas operations saw a 161 per cent improvement in revenues, compared with 112 per cent at the interim stage.

Asos introduced a free returns policy for all British customers whose clothes did not fit when they arrived, which forced down gross margins. That meant pre-tax profits in the half to September were up by only 8.6 per cent at £4.4 million.

Company revenues were £96.5 million in the half, up 47 per cent from last year's £64.7 million.

The company opted to describe itself as "cautiously optimistic" ahead of Christmas with UK sales "to carry on growing, underpinned by further marketing activity" and for international operations to provide "additional momentum" — both of which should ensure that the company's second half will be "siginificantly ahead year-on-year" as long as sales hold up.

There is no interim dividend, with the company retaining profits to invest in growth.

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