Online and catalogue giant Shop Direct is expected to make nearly £50 million profit this year after benefiting from growth and a switch in accounting standards.
The company is predicted to make between £25 million and £30 million profit this year after recording its first pre-tax profit for a decade last year of £6.6 million.
The Financial Times newspaper said the group is also expected to benefit from a switch to IFRS accounting standards which would mean it will no longer have to book £20 million of amortisation relating to the buyout of the GUS catalogue division in 2003.
The newspaper said that puts Shop Direct 'on a par' with Asos. However, Asos makes £55 million profit on sales of £754 million compared to Shop Direct's £1.6 billion.
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