Frasers Group has topped up its shares in Asos for the third time this month.

Mike Ashley’s retail group raised its shareholding in Asos to 12.6%, building on top of last week’s raise to 10.7%.

It comes the same week as Frasers continues to build on its “strategic investment” into Asos rival Boohoo.

The group – which is the largest shareholder in the online business – increased its holdings from 15.1% to 16.5%.

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The latest swoop into Asos shares come as the fast fashion retailer announced on Wednesday that it had pushed back the publication of its full-year results by a week to complete audit procedures.

The etailer said it expected to report a second half adjusted EBIT of more than £38m, resulting in a full-year adjusted EBIT loss of no more than £31m.

This falls short of previous guidance that had projected second half profits to be at the “lower end of the guided range of £40m and £60m”.

Asos is in the middle of a rapid turnaround plan, led by chief executive José Antonio Ramos Calamonte who hopes to reverse the troubled retailer’s ailing fortunes.

In a previous update of its progress, Calamonte said: “Asos has delivered on the Driving Change agenda and as a consequence is a leaner and more resilient business twelve months after its launch.

“We have reduced our stock balance by c.30%, significantly improved the core profitability of the business and generated cash against a very challenging market backdrop.”

It is set to release its full-year results and a strategic update on November 1.

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