Online fashion giant Asos has insisted the problems of the last 12 months are behind them and the business is ready to continue ramping up its global empire.

The pledge came as the company revealed a 68% plunge in pre-tax profits, with two profit warnings in the last year taking their toll.

Sales rose 13% to £2.73 billion, with revenues in the UK up 15% to £993.4 million, compared with growth of 11% for Asos's international market.

However, pre-tax profits for the year to August 31 were down at £33.1 million compared with £102 million a year ago.

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Shareholders appeared convinced by the message, with shares soaring 13% in early trading, up 339p to 2,899p.

Chief executive Nick Beighton said: "Asos simply didn't look or feel as good as it should for our customers."

He added: "This financial year was a pivotal period for Asos, where we have invested significantly and enhanced our global platform capability to drive our future growth. Regrettably this was more disruptive than we originally anticipated.

"However, having identified the root causes of our operational issues, we have made substantial progress over the last few months in resolving them. Whilst there remains lots of work to be done to get the business back on track, we are now in a more positive position to start the new financial year."

One of Britain's largest home builders, Barratt Developments, said it has the cash to deal with Brexit fallout in the housing sector.

The sector's economic outlook depends on how Britain leaves the EU, Barratt said, but insisted its net cash balance and the homes it is set to sell this year means it has the "resilience and flexibility to react" to changes next year and beyond.

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The developer finished more than 3,250 homes in the last 15 weeks and is due to sell nearly 13,000 for more than £3 billion over the financial year.

However the average value of the homes it is set to deliver is around £236,800, down from £243,900 last year.

Barratt chief executive David Thomas said the company has started its financial year well, showing "a good sales rate and a healthy forward order book".

More National Express buses will be operating in Morocco next year than across the UK after the firm signed a billion-euro (£860 million) multi-year contract to move into Casablanca.

The bus operator's Spanish and Moroccan division, ALSA, said it will provide around 700 buses, a new payment system and scheduling in the country's largest city and economic capital.

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The up to 15-year contract starts in November, initially putting 400 buses on to the city's streets. Next year, a further 300 buses will roll out and the combined fleet will carry around 100 million passengers annually.

It is National Express's second win in the country in three months after it started running 400 buses in the capital, Rabat, in August.

Chief executive Dean Finch said: "This nearly doubles our presence in Morocco, which had already doubled in August with Rabat's successful start-up.

"We will now operate more buses in Morocco than the UK. We look forward to serving the people of Casablanca soon."