Investors put the boot into sportswear retailer Footasylum with shares spiralling by 51%


Investors put the boot into sportswear retailer Footasylum with shares spiralling by 51%

  • The fall comes less than a year after its debut on the London Stock Exchange 
  • It was valued at £171m but last night the firm was worth £42.7m
  • Footasylum was founded in 2005 by the duo behind JD Sports

City & Finance Reporter for the Daily Mail

Shares in sportswear retailer Footasylum plunged 51per cent yesterday after it issued its second profits warning in less than three months.

The fall comes less than a year after its debut on the London Stock Exchange in November, when it was valued at £171million. 

Last night the firm, headed by 31-year-old Clare Nesbitt, the youngest boss of a UK listed company, was worth £42.7million as shares hit 40.9p, down 43.1p.

Shares in sportswear retailer Footasylum plunged 51per cent yesterday after it issued its second profits warning in less than three months

Shares in sportswear retailer Footasylum plunged 51per cent yesterday after it issued its second profits warning in less than three months

Shares in sportswear retailer Footasylum plunged 51per cent yesterday after it issued its second profits warning in less than three months

Footasylum was founded in 2005 by Nesbitt’s father David Makin and his colleague John Wardle, the duo behind JD Sports. 

It blamed tough conditions on the High Street as it revealed this year’s profits will come in at less than half the £12.5million it made for the year to February 2018.

Sales and profit margins are expected to be squeezed after it was forced to slash prices to shift stock.

Analysts were scathing of Footasylum’s latest update, with Peel Hunt saying there was ‘no reason to own the shares’. 

And retail analyst Nick Bubb claimed that ‘investors were sold a pup’ when the firm joined the stock market last year.

Last night the firm, headed by 31-year-old Clare Nesbitt (pictured), the youngest boss of a UK listed company, was worth £42.7million as shares hit 40.9p, down 43.1p

Last night the firm, headed by 31-year-old Clare Nesbitt (pictured), the youngest boss of a UK listed company, was worth £42.7million as shares hit 40.9p, down 43.1p

Last night the firm, headed by 31-year-old Clare Nesbitt (pictured), the youngest boss of a UK listed company, was worth £42.7million as shares hit 40.9p, down 43.1p

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