Mike Ashley's Frasers Group lifts stake in AO World

(Sharecast News) - Mike Ashley's Frasers Group upped its stake in online electricals retailer AO World on Tuesday. According to a regulatory filing, Frasers - which owns Sports Direct and House of Fraser - lifted its stake to 25.01% from 24.02%.

News of the increase came after AO World released update in which it said that full-year profit was set to be around the top end of its previously-upgraded guidance range.

In a pre-close update for the year to the end of March, the company said adjusted pre-tax profit has grown faster than sales, by around 30%, and is expected to be around the top end of its previous guidance range of £39m to £44m.

Frasers Group also has stake in Asos, Hugo Boss, Currys and N Brown, among others.