Results to 31 December 2003
ASOS PLC
20 February 2004
FOR RELEASE:
20 FEBRUARY 2004
ASOS PLC
('ASOS' or 'the Group')
UNAUDITED RESULTS FOR 12 MONTHS
TO 31st DECEMBER 2003
Main Points:
•Group Turnover increased by 71% to £7m
•The Group reports its first pre tax profit - £0.35m (excludes
amortisation of goodwill)
•The Group generated £1.4m of positive cashflow in 2003 and had £1.2m cash
at the end of the year
•The Group's net current assets have increased to £0.5m
• 283,000 registered users as at 16th February 2004
Nick Robertson, Chief Executive, commented:
ASOS turned the corner in 2003 and we are delighted to present a strong set of
results for the year including, as forecast, the Group's first pre tax profit.
We continue to get stronger, both financially and operationally. With over
30,000 fashion hungry customers visiting the store each day, we have embarked on
a course of accelerated range expansion.
The Group generated £1.4 million positive cashflow, after capex of £116,000 in
2003.
I remain confident about the results for the 12 months ending 31st March 2004
and expect them to be in line with market expectations.
We expect to release Audited results for the 15 months to 31st March 2004 (to
cover the revised year end) on 30th June 2004.
GROUP FINANCIAL HIGHLIGHTS Unaudited Audited Results
12 months to For the year
ended
31 December 31 December
2003 2002
£'000 £'000
Turnover 7,016 4,104
Group EBITDA, before exceptional items 414 (48)
Total Group operating profit / (loss)
before goodwill amortisation and
exceptional items 352 (105)
Profit / (loss) on ordinary activities
before taxation, goodwill amortisation
and exceptional items 348 (101)
Goodwill amortisation (228) (228)
Impairment of goodwill - (1,372)
Profit / (Loss) on ordinary activities
before taxation 120 (1,701)
Diluted EPS on ordinary activities
before taxation, goodwill amortisation
and exceptional items 0.53p (0.16)p
ASOS plc - contacts
www.asos.com/InvestorRelations.asp
ASOS PLC
Nick Robertson, Chief Executive Tel: 020 7240 7070
John Morgan, Finance Director Tel: 020 7240 7070
Beattie Financial
Brian Coleman-Smith / John Moriarty Tel: 020 7398 3300
Note to Editors
ASOS plc is an Internet Retail and Marketing Services Group, established in June
2000 and admitted to AIM in October 2001.
Its principle business is ASOS.com, a leading online Fashion and Lifestyle
Retailer. A top five company in the UK clothing and apparel category (source
Hitwise) ASOS.com has over 280,000 registered users and ships 1000 - 1500 orders
per day. Its primary customers are Internet savvy 18-30 year olds.
It also owns Entertainment Marketing, a business providing product placement and
sponsorship services to a large number of blue chip advertisers.
Unaudited Consolidated Profit and Loss Account for
The twelve months ended 31st December 2003
Unaudited Audited Results
12 Months to for the year
ended
31st December 31st December
2003 2002
£'000 £'000
Turnover 7016 4104
Cost of Sales (3514) (1941)
----------- ------------
Gross Profit 3502 2163
----------- ------------
Administration expenses - Other (3150) (2268)
Administration expenses -
Amortisation of goodwill (228) (228)
Administration expenses - Impairment
of goodwill - (1372)
----------- ------------
Administration expenses (3378) (3868)
----------- ------------
Operating Profit / (Loss) 124 (1705)
Net Interest (payable) / receivable (4) 4
----------- ------------
Profit / (Loss) before taxation 120 (1701)
----------- ------------
Taxation
----------- ------------
Profit / (Loss) after taxation 120 (1701)
----------- ------------
Basic earnings/(loss) per share 0.19p (2.76p)
Diluted earnings/(loss) per share 0.18p (2.76p)
All recognised gains and losses are included in the profit and loss account for
the current and preceeding periods and represents the only movement in
shareholders funds.
Unaudited Consolidated Balance Sheet at 31st December 2003
Unaudited 12 Audited Results
Months
to 31st at 31st
December December
2003 2002
£'000 £'000
Fixed Assets
Intangible Assets 1534 1762
Tangible Assets 126 71
-------------- ------------
1660 1833
-------------- ------------
Current Assets
Stock 414 622
Debtors 303 713
Cash at bank and in hand 1228 -
-------------- ------------
1945 1335
Creditors: amounts falling due within
one year (1432) (1331)
-------------- ------------
Net current assets 513 4
-------------- ------------
Total assets less current liabilities 2173 1837
-------------- ------------
Capital and Reserves
Called up share capital 2379 2157
Share premium account 2975 2982
Profit and loss account (3181) (3302)
-------------- ------------
Shareholders funds 2173 1837
-------------- ------------
Unaudited Consolidated Summarised Cash Flow Statement For The Twelve Months
Ended 31st December 2003
Unaudited Audited Results
for the year
ended
12 Months to 31st December
2002
31st December
2003
£'000 £'000
Net cash (outflow) / inflow
from operating activities
(note (a)) 1307 (215)
Net cash (outflow) / inflow
from returns on investments
and servicing of finance (4) 4
Net cash outflow from
investing activities (116) (28)
Net cash outflow from
Financing 215 (49)
-------------- ------------
Increase / (Decrease) in cash 1402 (288)
-------------- ------------
Note (a) Reconciliation of operating profit to
net cash inflow from operating activities
Operating profit / (loss) 124 (1705)
Amortisation charge 228 1600
Depreciation charge 62 57
(Increase) / Decrease in
stock 208 (456)
(Increase) / Decrease in
debtors 410 (468)
Increase / (Decrease) in
creditors 275 757
-------------- ------------
1307 (215)
-------------- ------------
As at Cash flow As at
1 January 2003 £'000 31 December
2003
£'000 (unaudited)
£'000
Note (b) Analysis of net fund/(debt)
Cash at bank and in hand - 1228 1228
Bank overdraft (173) 173 -
----------- -------- ------------
(173) 1401 1228
Due in less than one year (1) 1 -
----------- -------- ------------
Net fund/(debt) (174) 1402 1228
----------- -------- ------------
Notes
1) The results for the twelve months ended 31st December 2003 have been
prepared on the basis of the accounting policies set out in the audited accounts
of the Company for the year ended 31st December 2002.
2) The interim accounts for the twelve months ended 31st December 2003 are
unaudited and do not constitute statutory accounts in accordance with section
240 of the Companies Act 1985. The financial information for the year ended 31st
December 2002 is extracted from the audited financial statements for that year
on which the auditors gave an unqualified report and which do not contain a
statement under Sections 237 (2) or 237 (3) of the Companies Act 1985. A copy of
those financial statements has been filed with the Registrar of Companies.
3) Basic earnings per share for the period has been calculated on the
Group's earnings for the period attributable to shareholders and on the weighted
number of ordinary shares in issue. For the diluted earnings per share for the
period, the weighted average number of ordinary shares is adjusted to assume
conversion of all dilutive potential ordinary shares. In the year to 31 December
2002, whilst unexercised share options would increase the weighted average
number of ordinary shares in issue, due to the losses incurred by the Group,
they are not considered dilutive.
4) The Directors are not declaring a dividend for the twelve months ended
31st December 2003.
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The company news service from the London Stock Exchange
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