Interim Results
ASOS PLC
29 November 2005
FOR RELEASE
7.00 am
Tuesday 29th November 2005
ASOS plc
('ASOS' or 'Group')
('A leading internet based fashion retailer')
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30th SEPTEMBER 2005
Highlights
* Group sales +78% to £8.3m
* ASOS.com sales +86% to £8.1m
* Group loss before tax and amortisation of goodwill of £6,000 after
£251,000 of one-off costs associated with warehouse move
(2004: £240,000 profit)
* Group loss before tax £120,000 after one-off costs associated with
warehouse move (2004 £126,000 profit)
* Significant investment in resource and capacity
* 725,000 registered users as at 27th November 2005
* ASOS.com sales +58% for 8 weeks to 27th November 2005
Chief Executive's Statement
I am pleased to report an increase in Group sales of 78% for the period to
£8.3m. Sales for ASOS.com, the Group's main trading subsidiary, were up 86% to
£8.1m.
In-line with internal forecasts and following significant investment in resource
and capacity, the group made a loss (before amortisation of goodwill and tax) of
£6,000 versus a profit of £240,000 for the same period last year. The loss
before tax was £120,000 against a profit of £126,000 for the same period last
year. Basic loss per share was 0.17p (2004: earnings per share 0.18p). The
figures above are after £251,000 of one-off costs associated with the warehouse
move.
Capital expenditure within the period was £686,000 with a further £400,000
budgeted for the second half of the year.
The Market
According to the IMRG - 22 million British Shoppers will spend 5 billion online
this Christmas, an average of £208 each and generating 130 million internet
shopping deliveries.
Outlook
We have invested in our management and logistical teams, doubled the size of our
buying and merchandising team and bought ourselves sufficient logistical
capacity to support continued high levels of growth.
Last year we added four new departments: jewellery, footwear, beauty and
accessories. This year, we have again responded to the needs of our customers
and put a team together that can deliver 800 hot new fashion lines a month,
double our average for the last 12 months.
ASOS is still very popular amongst its core target market and in October 2005 we
were again the second most visited Clothing and Apparel site behind Next,
attracting over 1.1 million unique visitors. In November 2005 we expect this to
rise to 1.4m unique visitors, a 46% increase year on year. As at the 28th
November, we had 725,000 registered users.
I remain optimistic about the prospects for the business. The strategy of
delivering 800 new lines per month will be supported by strengthening our
supplier terms and improving our gross margin. We will use the relatively
quieter 4th quarter of the financial year ending 31st March 2006 to introduce
technology efficiencies into our logistical operation.
Nick Robertson
Chief Executive Officer
29th November 2005
ASOS plc Tel: 020 7240 7070
Nick Robertson, Chief Executive
Jon Kamaluddin, Finance Director
Beattie Financial Tel: 020 7053 6400
Brian Coleman-Smith / Nia Thomas / Grace Dewhurst
Seymour Pierce Tel: 020 7107 8000
Mark Percy / Nichola Marrin
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 beauty retailer. Aimed primarily at an Internet savvy
18-34 year olds, ASOS has over 725,000 registered users at 27th November 2005
and offers over 1500 lines across womenswear, menswear, jewellery, beauty,
accessories and footwear.
Unaudited Consolidated Profit and Loss Account for the Six Months Ended 30
September 2005
£'000s Unaudited 6 Unaudited 6 Audited 12
Months to Months to Months to
30 September 30 September 31 March
2005 2004 2005
Turnover 8,345 4,695 13,518
Cost of Sales (4,333) (2,292) (6,928)
---------- ---------- ----------
Gross Profit 4,012 2,404 6,590
Administrative Expenses (4,053) (2,179) (5,522)
---------- ---------- ----------
Operating Profit before
Amortisation of Goodwill (41) 224 1,068
Amortisation of Goodwill (114) (114) (228)
---------- ---------- ----------
Operating Profit/(Loss) (155) 110 840
Net Interest receivable 35 15 39
---------- ---------- ----------
Profit/(Loss) before Taxation (120) 126 878
Taxation - - -
---------- ---------- ----------
Profit/(Loss) after Taxation (120) 126 878
---------- ---------- ----------
Basic Earnings/(Loss) per share (0.17p) 0.18p 1.3p
Fully Diluted Earnings/
(Loss) per share (0.16p) 0.17p 1.2p
Unaudited Consolidated Balance Sheet as at 30 September 2005
£'000s Unaudited as at Unaudited as at Audited as at
30 September 30 September 31 March
2005 2004 2005
Fixed Assets
Intangible Assets 1,134 1,363 1,248
Tangible Assets 921 170 327
---------- ---------- ----------
2,055 1,532 1,576
Current Assets
Stock 1,487 1,068 1,587
Debtors 1,554 674 1,217
Cash at bank and in hand 1,399 1,261 2,060
---------- ---------- ----------
4,440 3,002 4,864
Creditors: amounts falling
due within one year (3,004) (1,742) (2,828)
---------- ---------- ----------
Net Current Assets 1,436 1,260 2,036
---------- ---------- ----------
Total assets less current
liabilities 3,491 2,792 3,612
---------- ---------- ----------
Capital and Reserves
Called up share capital 2,511 2,464 2,511
Share Premium Account 2,996 2,975 2,996
Profit and Loss Account (2,016) (2,647) (1,895)
---------- ---------- ----------
Shareholders funds 3,491 2,792 3,612
---------- ---------- ----------
Unaudited Consolidated Summarised Cash Flow Statement for the Six Months Ended
30 September 2005
£'000s Unaudited 6 Unaudited 6 Audited 12
Months to Months to Months to
30 September 30 September 31 March
2005 2004 2005
Net cash (outflow)/inflow
from operating activities (9) 243 1,163
Net cash (outflow)/inflow from
returns on investments and
servicing of finance 35 15 39
Capital Expenditure (687) (87) (299)
Net cash inflow from Financing (0) 85 152
---------- ---------- ----------
Increase/(Decrease) in cash (661) 256 1,055
---------- ---------- ----------
Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities
£'000s Unaudited 6 Unaudited 6 Audited 12
Months to Months to Months to
30 September 30 September 31 March
2005 2004 2005
Operating profit/(loss) (155) 110 840
Amortisation charge 114 114 228
Depreciation charge 76 34 88
Loss on disposal of Fixed Assets 16 - -
(Increase)/Decrease in stock 100 (546) (1,066)
(Increase)/Decrease in debtors (337) 106 (436)
Increase/(Decrease) in creditors 177 424 1,510
---------- ---------- ----------
Net cash (outflow)/inflow
from operating activities (9) 243 1,163
---------- ---------- ----------
Notes to the Accounts
1. The results for the six months ended 30 September 2005 have been prepared in
accordance with applicable accounting standards and on the basis of the
accounting policies set out in the audited accounts of the Company for the
12 months ended 31 March 2005.
2. The interim accounts for the six months ended 30 September 2005 are unaudited
and do not constitute statutory accounts in accordance with section 240 of
the Companies Act 1985. The financial information for the six months ended
30 September 2004 has not been audited but has been extracted from the
audited financial statements for the 12 months ended 31 March 2005 upon
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 loss per ordinary share has been calculated on the Group's loss for the
period attributable to shareholders and on the weighted number of ordinary
shares in issue : 71,743,597 (30 September 2004: 68,903,256 31 March 2005:
69,917,012). Fully diluted loss per ordinary share has been calculated on
the Group's loss for the period attributable to shareholders and on the
weighted number of ordinary shares in issue used for the calculation of
earnings per share above increased by the dilutive effect of potential
ordinary shares from share option schemes 74,513,147 (30 September 2004:
73,987,139 31 March 2005: 73,907,179).
4. The Interim Report will be posted to all shareholders of the Company and
copies will be available upon application to ASOS plc, 1 Kingsway, London,
WC2B 6XD.
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