REG - ASOS PLC - Interim Results <Origin Href="QuoteRef">ASOS.L</Origin> - Part 1
RNS Number : 0706JASOS PLC01 April 2015
1 April 2015
ASOS plc
Global Online Fashion Destination
Interim Results for the six months ended 28 February 2015
Summary results
'000
Six months to 28 February 2015
Six months to 28 February 2014
Change
Group revenues1
550,474
481,726
14%
Retail sales
536,429
472,319
14%
UK retail sales
231,370
182,040
27%
International retail sales
305,059
290,279
5%
Gross profit
265,199
243,087
9%
Retail gross margin
46.8%
49.5%
(270bps)
Gross margin
48.2%
50.5%
(230bps)
Profit before tax2
18,044
20,097
(10%)
Diluted earnings per share
17.6p
18.5p
(5%)
Cash and cash equivalents
64,891
36,914
76%
1Includes retail sales, delivery receipts and third party revenues
2For the six months to 28 February 2015, profit before tax includes business interruption reimbursements of 6.3m in respect of a warehouse fire in the prior financial year
Highlights
Retail sales up 14% (UK retail sales up 27%, International retail sales up 5%)
9.3 million active customers3 at 28 February 2015, up 13% on prior year
Retail gross margin down 270bps
Profit before tax2 of 18.0m (2014: 20.1m)
Cash and cash equivalents of 64.9m (31 August 2014: 74.3m)
Zonal pricing capability deployed and Barnsley automation landed
New CIO and People Director appointed
3Defined as having shopped in the last twelve months
Nick Robertson, CEO, commented:
"Trading for the six months ended 28 February 2015 included a record Christmas season, with total sales increasing by +14%. UK growth remained strong with sales up +27% and International sales up +5% (+10% on a constant currency basis). Our customer engagement remains high, with growth in visits, average order frequency, average basket size and conversion all improving. Our active customers3 grew by 13%, exceeding the 9m mark for the first time.
The successful launch of our zonal pricing capability and planned investment in our international prices resulted in a gross margin decrease of 230bps during the period, which together with increased investment in building our global distribution capacity, has reduced half year profit before tax by 10% to 18.0m.
With our continued investment in our international price competitiveness gaining traction, momentum in the business is building. This gives us confidence in the outlook for the second half and that full year profit and margin will be in line with expectations."
Investor and Analyst Meeting
There will be a meeting for analysts that will take place at 9.30am today, 1 April2015, at Greater London House, Hampstead Road, London, NW1 7FB. A webcast of the meeting will be available both live and following the meeting at www.asosplc.com. Please register your attendance in advance with Instinctif Partners using the details below.
For further information:
ASOS plc
Tel: 020 7756 1000
Nick Robertson, Chief Executive Officer
Nick Beighton, Chief Operating Officer / Chief Financial Officer
Greg Feehely, Head of Investor Relations
Website: www.asosplc.com/investors
Instinctif Partners
Tel: 020 7457 2020
Matthew Smallwood / Justine Warren / Guy Scarborough
JPMorgan Cazenove
Tel: 020 7742 4000
Luke Bordewich
Numis Securities
Tel:020 7260 1000
Alex Ham
Background note
ASOS is a global fashion destination for 20-somethings. We sell cutting-edge 'fast fashion' and offer a wide variety of fashion-related content, making ASOS.com the hub of a thriving fashion community. We sell over 75,000 branded and own-brand products through localised mobile and web experiences, delivering from our fulfilment centres in the UK, US, Europe and China to almost every country in the world.
We tailor the mix of own-label, global and local brands sold through each of our nine local language websites: UK, US, France, Germany, Spain, Italy, Australia, Russia and China.
ASOS's websites attracted 88 million visits during February 2015 (February 2014: 71 million) and as at 28 February 2015 had 9.3 million active customers1 (28 February 2014: 8.2 million), of which 3.7 million were located in the UK and 5.6 million were located in our international territories (28 February 2014: 3.2 million in the UK and 5.0 million internationally).
1 Defined as having shopped in the last twelve months
ASOS plc ("the Company")
Global Online Fashion Destination
Interim Results for the six months ended 28 February 2015
Business Review
The Group has delivered retail sales growth of 14% to 536.4m (2014: 472.3m) during the six months ended 28 February 2015, with encouraging momentum in our international markets following our planned price investments and launch of our zonal pricing solution. The impact of this international price investment on gross margins, plus increased warehousing costs as we build our global warehousing capability, resulted in a decline of 10% in profit before tax to 18.0m (2014: 20.1m). We remain confident in our outlook for the remainder of the year and our investments in warehouse and technology remain on track.
Our fashion
Our product offer continues to be focused around three key pillars; extensive, appropriate fashion at great value for money for our global fashion conscious 20-something customer. We stock over 75,000 lines across more than 750 brands, including our exclusive in-house ASOS label. Our portfolio of third party brands is constantly reviewed to ensure that it includes the most relevant and sought after brands for our customer. With this in mind, over the last six months we have added 150 new brands, including Abercrombie & Fitch, Adidas, Ellesse, Reebok, Sisley, Only & Sons and Liquor & Poker, and removed 180 brands.
Our ranges cater for seasonal events and trends. We have seen our menswear customer become more focused on trend items, with particular success in longline tops, black denim, trainers and Chelsea boots. In Womenswear, key items for the season have included playsuits and jumpsuits, shirts, trainers, oversized coats and scarves. Christmas and Black Friday remain the major events of the season; we offer a comprehensive range of going out and occasion wear product for these events. In addition we increased our gifting range with a more extensive selection of beauty, men's grooming, novelty gifts and also more traditional items such as nightwear. In addition, events such as Halloween and Valentine's Day are becoming increasingly important to our customer and we have responded by adding specific ranges for these celebrations.
Our wide range of sizes continues to be an important element of our offer. We stock sizes 2 to 30 in Womenswear & XXXS to XXXL in Menswear, as well as an assortment of leg lengths, waist and shoes sizes. We have continued to add to this with an increased range of Fuller Bust Lingerie and Swimwear, as well as the addition of wide fit shoes. We also continue to extend the offer on our specialist ranges: Plus Size, Petite, Tall and Maternity. As well as broadening our own-label range, we have added to our third party brands in this area; Chi Chi Plus, Jarlo Tall and John Zack Petite are amongst a number of brand additions this season.
Our price proposition remains core to our offer. In recent seasons we have added a range of value brands such as New Look, Monki and Weekday that cater for our customers on a more limited budget, whilst also ensuring that our own-label range is competitively priced. However, a good spread of price points that remain great value for money is also important to our customers. We have therefore refocused our "top end" offer and streamlined our portfolio of third party premium brands to those that remain accessible to our 20-something customer, such as Ted Baker, Reiss, Whistles and new additions Gestuz and Supertrash. We have also relaunched ASOS White, our premium own label, and introduced a range of ASOS "Red Carpet" evening dresses. Both of these ranges have stretched the price architecture within our own-label portfolio and have been well received by customers.
Another key element of our price proposition is our ability to differentially price brands by market, which became possible during the period following the launch of our zonal pricing capability. This capability allows brands that were previously uncompetitively priced in local currency to be priced in line with the local market. We have affected 50 brands across Australia, the US, France, Germany, Italy and Spain during the season and initial results have been encouraging. We plan to add further brands over the next six months as international price competitiveness continues to be a key objective for us.
Operations
Technology
We remain committed to investing a total of 75m in our technology by the end of the next financial year, and have made significant progress during the last six months. We rolled out our zonal pricing functionality in Australia, France, Germany, Spain, Italy and the US during the period, enabling us to offer more competitive local pricing and to sell brands which were previously restricted in these territories.
We also launched localised versions of our Android and iOS apps in France, Germany and the US during the period, and in Italy, Spain and Russia during March 2015. Traffic from mobile devices now represents over 50% of all traffic and in response to this we launched our first mobile-only promotions during the period and continue to improve the speed and stability of all our apps. We will further expand our international mobile offering during the next six months with the launch of a localised app in China.
We continue to invest in our underlying platforms and behind-the-scenes technology in order to support our global expansion and deliver the best customer experience. Our website replatforming continues; we successfully reengineered our order processing platforms to support peak volumes and we are focused on developing our new checkout function to launch on mobile during the next six months.
We have recently commenced our global fulfilment programme, which will optimise our global stock management capabilities and provide greater flexibility to move stock efficiently around our global warehousing network. During the period, we delivered a new warehouse control system to support our automation in Barnsley, as well as developing stock monitoring capabilities within our Eurohub fulfilment centre in Germany. This global fulfilment programme is a key step in our journey to becoming a truly global retailer.
Customer Experience
Our customer engagement remains high, with growth in visits, average order frequency, average basket size and conversion. Active customers grew by 13% over last year, surpassing the 9m mark for the first time.
We recently introduced our 'social sign-in' functionality across all our websites and apps, enabling customers to sign in using their Facebook, Twitter and Google+ details, simplifying the customer journey from browsing to buying product. Our personalisedproduct recommendations function has also been launched across our mobile apps, and will be rolled out to our websites over the next six months. To improve our international customer experience, we recently added our upgraded search facility to our Spanish, Italian, Australian and Russian websites.
Uptake of our ASOS Premier membership in the UK, US, France, Germany and Australia continues to grow, with total members up nearly 70% on last year.
Global expansion
Our principal international objective this period has been to restore our price competitiveness, following a period of adverse exchange rate movements.
During the first six months of the year we have reduced local currency prices for our Australian, New Zealand and Eurozone customers, and initial customer response is encouraging, with increased sales growth in these territories as well as increases in our Comscore rankings in France, Italy and Spain (Comscore, February 2015). We will continue to focus on our product and pricing offer in existing strategic markets before expanding into new markets, but expect to launch new European websites within the next year.
We have invested a further 3.1m (2014: 3.7m) in our China operation during the period and are pleased with our progress in this territory.
Delivery and returns
Expanding our delivery and returns solutions remains central to achieving our goal of providing a best-in-class customer proposition across our strategic markets and we have continued to enhance our offer during the last six months.
In the UK, we extended our Saturday evening next-day delivery cut-off from 8pm to midnight and our Sunday next-day delivery cut-off from 2pm to 5pm, as well as introducing an estimated delivery date at checkout for standard orders.
Internationally, following the introduction of our next-day delivery service in France and Germany, we extended this offer to customers in Spain, Italy, Denmark, Sweden and the Netherlands during the period. We plan to further extend our next-day delivery service into Belgium, Ireland and Northern Ireland by the end of this financial year. We have also added new mid-tier services in Korea and Singapore, which have at least halved delivery lead times in each of these territories compared with our standard service. Over the next six months, we are planning to add similar mid-tier services in Russia, Hong Kong, Taiwan and Japan.
We have also extended return options during the period, with the launch of returns via Doddle stores, home collection returns and InPost LockerBoxes in the UK. Internationally, we introduced labelless returns in France, the Netherlands, Belgium and Luxembourg as well as launching a three month free returns trial in the Netherlands.
We continue to focus on developing our Pick-Up-Drop-Off ('PUDO') network, which allows customers to collect and return their orders from a variety of convenient locations. Customers in France, Spain, Belgium, Luxembourg, and soon Germany, benefit from a delivery-to-store option at over 28,000 locations and in the UK we launched a click-and-collect trial with Boots stores in North London. We continue to seek further PUDO solutions in all our key strategic territories.
Warehousing
Our warehousing activities continue to increase, with total order processing up 14% year on year, including our biggest ever peak trading volumes during November 2014, reaching a record 2m parcel despatches in one week.
At Barnsley, our mechanised picking solution was launched at the start of this financial year and whilst this has involved some short-term disruption to our logistic activities during the period, it is now beginning to deliver operational benefits. By the end of February, the vast majority of orders were being batch picked and we are targeting a per-person picking capability of 200 units per hour by the end of the financial year. Labour cost per unit for our UK warehouses has also increased by 7% to 81p (2014: 76p) as a result of the short-term disruption but we expect this to decrease over the remainder of the year, and continue to target a medium-term UK labour cost per unit of 50p.
We exited our off-site storage facility at Lister Hills during February following the go-live of our two high bay mini-loads earlier in the period, which double our Barnsley on-site storage capacity. Our new warehouse control system now automatically retrieves stock as required from the mini-loads to maintain stock levels in the main pick-face area of the warehouse, increasing efficiency and our stock management capabilities.
We received a further, and final, 6.3m insurance reimbursement during the period following a fire in this warehouse in June 2014. This has been reinvested in our international pricing proposition.
We continue to develop our international warehousing infrastructure, particularly in Europe, and during the second half of the year will focus on increasing stock levels in our German Eurohub, to allow us to continue to improve Eurozone delivery lead times and further extend delivery cut-off times. The Eurohub currently despatches 24% of total EU orders, principally to Germany, France, Spain, Sweden and the Netherlands, and we expect this to increase to 35% by the year end. Our returns processing centre in Swiebodzin already processes nearly all returns from the Eurozone, improving refund processing times.
Our warehouse in the US continues to develop and consistently fulfils over 25% of US orders. We will turn our focus back to our US fulfilment during the next financial year in order to further drive local fulfilment in this territory.
People
During the period, our team grew by 281 to 1,822 employees at 28 February 2015. In addition, the Board have made a number of appointments, strengthening the senior management team of the Group.
We will be joined by Clifford Cohen, who has been appointed as Group Chief Information Officer and will join the Group in May. Clifford is a senior IT professional with an extensive background in commercial technology leadership, programme delivery and operations. Most recently, Clifford spent seven years with Marks and Spencer in a variety of IT related roles including retail, multi-channel and ultimately as Interim Group Chief Information Officer. Prior to Marks and Spencer, Clifford spent eight years with Accenture where he led IT teams on supply chain for Dixons Stores, re-platforming for Sainsbury's and Merchandising and Supply Chain for New Look.
In March, we were joined by Peter Collyer, our new People Director, who brings exceptional experience to ASOS. He is a senior human resource executive having worked for world class, international, consumer facing corporations. Most recently he ran Global HR for Claire's Stores Inc., the Chicago based retailer with 3,600 stores across 44 countries, specialising in beauty products, jewellery and accessories for younger women. Prior to that, Peter spent over ten years with The Walt Disney Company in a number of people roles, ranging from the Disney Stores, Disney consumer products and Disney global retail. Amongst his other jobs, Peter spent four years with fashion retailer Oasis Stores.
Our search for a new Group Chief Financial Officer is now at an advanced stage and we will update the market in due course.
These appointments all bring highly relevant experience to ASOS from some of the world's largest international companies at a time when ASOS is putting in place the capabilities to support the next, significant leg in its growth story.
Financial review
Revenue
Six months to 28 February 2015
Group
International
'000
total
UK
US
EU
RoW
total
Retail sales
536,429
231,370
54,528
136,228
114,303
305,059
Growth
14%
27%
17%
7%
(1%)
5%
Growth at constant exchange rate
17%
27%
14%
14%
5%
10%
Delivery receipts
11,768
5,440
1,554
2,214
2,560
6,328
Growth
56%
60%
86%
40%
49%
53%
Third party revenues
2,277
2,277
-
-
-
-
Growth
22%
22%
-
-
-
-
Total revenues
550,474
239,087
56,082
138,442
116,863
311,387
Growth
14%
28%
18%
7%
(1%)
6%
The Group generated retail sales growth of 14% during the period, with growth of 27% in the UK and 5% in our international markets (10% at constant exchange rates), where we have started to see improvements following our price investments. As a result, international retail sales now account for 57% (2014: 61%) of total retail sales.
Retail sales in the UK increased by 27%, driven by a strong peak Christmas trading period and continuous improvements to our market-leading proposition in this territory. We retained our first place position for unique visitors to apparel retailers in the 15-34 age range (Comscore, February 2015).
US retail sales have grown by 17% (constant currency growth 14%) following further expansion of our range of locally relevant brands, a strong full price sales mix, and uptake of our premier membership scheme.
The EU has been impacted by adverse currency movements during the last six months, with sales growth of 7% (constant currency growth 14%). Following improvements to our delivery proposition in key European countries and investment in our prices across the Eurozone, sales momentum has started to recover in recent months. Growth is particularly encouraging in France, where customers are responding well to our localised promotions following the launch of our zonal pricing functionality in this territory.
Our Rest of World segment also continues to be affected by adverse currency movements with reported sales down 1% on prior year, although sales in this territory were up 5% on a constant currency basis. Our price investments in Australia and New Zealand have been well received and recent visits growth is encouraging. We comfortably retained our first place Comscore position in Australia. Sales in Russia have continued to suffer due to macro-economic factors and adverse exchange rates in this territory.Our ASOS China operation had a strong Christmas trading period and we continue to focus on increasing brand awareness and our market share in this territory.
Delivery receipts increased by 56% driven by the introduction of global minimum free-delivery spend thresholds in late 2014, a wider range of paid delivery options and uptake in our premier membership scheme.
Third party revenues, which mainly comprise advertising revenues from the website and the ASOS magazine, increased by 22% as we undertook larger campaigns than in the prior period.
Customer engagement
We have continued to attract new customers and had 9.3m active customers1 at 28 February 2015, an increase of 13% since the comparative period.Average basket value increased by 7%, driven by an 8% increase in average units per basket as customers responded well to our ongoing proposition improvements, including our free international express delivery offers above a minimum spend threshold.
Conversion2 increased by 10bps and average order frequency increased by 6%, reflecting the compelling nature of our proposition.
Six months to 28 February 2015
Six months to 28 February 2014
Change
Active customers1 ('000)
9,268
8,173
13%
Average basket value (including VAT)
67.12
62.67
7%
Average units per basket
2.72
2.52
8%
Average selling price per unit (including VAT)
24.70
24.85
(1%)
Total orders ('000)
14,087
12,321
14%
Total visits ('000)
523,665
469,107
12%
1As at 28 February, defined as having shopped during the last twelve months
2Calculated as total orders divided by total visits
Gross profitability
Six months to 28 February 2015
Group
International
total
UK
US
EU
RoW
total
Gross profit ('000)
265,199
107,042
32,738
67,272
58,147
158,157
Growth
9%
23%
19%
2%
(7%)
1%
Retail gross margin
46.8%
42.9%
57.2%
47.8%
48.6%
49.8%
Growth
(270bps)
(210bps)
30bps
(260bps)
(390bps)
(250bps)
Gross margin
48.2%
44.8%
58.4%
48.6%
49.8%
50.8%
Growth
(230bps)
(170bps)
70bps
(240bps)
(340bps)
(220bps)
Retail gross margin decreased by 270bps compared with last year, to 46.8% (2014: 49.5%). This was driven by our price investments in the Eurozone and Rest of World territories to ensure we continue to offer our customers compelling local currency prices, as well as increased return rates, principally in the UK and Germany. This was offset by an improvement in our full-price sales mix, particularly in the US. Gross margin (including third-party revenues and delivery receipts) decreased by 230bps to 48.2% (2014: 50.5%).
Operating expenses
The Group increased its investment in operating resources by 14% to 253.5m during the period, as we have continued to invest in our warehousing and IT infrastructure as well as our customer proposition. Total operating costs to sales ratio improved by 30bps over the same period.
'000
Six months to 28 February 2015
Six months to 28 February 2014
Change
Distribution costs
(78,771)
(72,944)
(8%)
Payroll and staff costs
(50,316)
(44,194)
(14%)
Warehousing
(50,064)
(34,724)
(44%)
Marketing
(26,442)
(31,505)
16%
Production
(2,438)
(2,383)
(2%)
Technology costs
(9,643)
(7,315)
(32%)
Other operating costs
(25,493)
(22,547)
(13%)
Depreciation and amortisation
(10,374)
(7,494)
(38%)
Total operating costs
(253,541)
(223,106)
(14%)
Operating cost ratio (% of sales)
46.0%
46.3%
30bps
Distribution costs decreased by 80bps to 14.3% of sales despite an increase in total orders of 14% during the period, due to the continued high proportion of lower cost UK shipments, a decrease in EU distribution costs as we increase the number of shipments from our Eurohub, and negotiation of more favourable carrier rates.
Staff costs decreased by 10bps to 9.1% of sales as headcount increases were offset by restructuring of management share incentive awards since the prior year.
Warehousing costs increased by 190bps to 9.1% of sales principally as a result of one-off short-term additional running costs at our Barnsley warehouse following the launch of our automation technology during the first half of the year, as well as increasing investment in our global warehousing infrastructure, particularly in Europe.
Marketing costs have decreased by 170bps to 4.8% of sales as spend on international marketing campaigns was limited during the period whilst we focus on restoring the price competiveness of our products. Our digital marketing activities have however continued in order to drive awareness and grow our market share.
IT costs increased by 30bps to 1.8% of sales as a result of increased traffic across our expanded range of global platforms.
Other operating costs have decreased by 10bps to 4.6% of sales due to a continued focus on controlling costs related to travel and entertaining.
Depreciation has increased by 30bps to 1.9% of sales following our recent accelerated investment in our warehouse and IT infrastructure, particularly in our mechanised picking solution.
We incurred operating costs of 3.1m (2014: 3.7m) related to our activities in China during the period. These related largely to warehousing and staff costs.
Net other income
We received final business interruption insurance reimbursements during the period of 6.3m as a result of a fire in our Barnsley warehouse in June 2014. This amount is included within a separate line item titled 'net other income' in the Income Statement, and has been reinvested in our international pricing proposition during the period. Total business interruption receipts resulting from the fire are 9.3m.
'000
Six months to
28 February
2015
Six months to
28 February
2014
Year to 31 August
2014
Stock loss and other incremental costs
-
-
(8,486)
Insurance reimbursements
6,299
-
11,536
Total
6,299
-
3,050
Income statement
The Group generated profit before tax of 18.0m, down 10% on last year (2014: 20.1m) due to the decline in gross margin as a result of international price investments, plus additional operating expenses related to investments in our warehousing infrastructure.
'000
Six months to 28 February 2015
Six months to 28 February 2014
Change
Revenue
550,474
481,726
14%
Cost of sales
(285,275)
(238,639)
Gross profit
265,199
243,087
9%
Distribution expenses
(78,771)
(72,944)
(8%)
Administrative expenses
(174,770)
(150,162)
(16%)
Net other income
6,299
-
Operating profit
17,957
19,981
(10%)
Net finance income
87
116
Profit before tax
18,044
20,097
(10%)
Income tax expense
(3,735)
(4,796)
Profit after tax
14,309
15,301
(6%)
Taxation
The effective tax rate decreased by 320bps to 20.7% (2014: 23.9%), principally due to a reduction in the prevailing rate of UK corporation tax and prior year permanently disallowable charges in respect of the ASOS Long-Term Incentive Plan, which have not been repeated during 2015. Going forward, we expect the effective tax rate to be approximately 100bps higher than the prevailing rate of UK corporation tax due to permanently disallowable items.
Earnings per share
Basic earnings per share decreased by 5% to 17.6p (2014: 18.6p) and diluted earnings per share decreased by 5% to 17.6p (2014: 18.5p), both driven by the decline in profit after tax during the period.
Statement of financial position
The Group continues to enjoy a robust financial position including a strong cash balance. Net assets increased by 25.6m to 218.7m during the period (31 August 2014: 193.0m), driven principally by the Group's profit after tax. The Group's cash position decreased by 9.4m to 64.9m (31 August 2014: 74.3m).
The summary statement of financial position is shown below.
'000
At
28 February
2015
At
31 August
2014
Goodwill and other intangible assets
70,449
63,901
Property, plant and equipment
61,167
55,400
Non-current assets
131,616
119,301
Inventories
161,571
161,480
Net current payables
(149,231)
(165,154)
Cash and cash equivalents
64,891
74,340
Derivative financial assets
12,338
2,240
Current tax (liability)/asset
(1,397)
2,217
Deferred tax liability
(1,138)
(1,393)
Net assets
218,650
193,031
Statement of cash flows
The Group's cash balance decreased by 9.4m to 64.9m during the period (31 August 2014: 74.3m) as operating profit of 18.0m was offset by capital expenditure of 27.0m. The summary statement of cash flows is shown below.
'000
Six months to
28 February
2015
Six months to
28 February
2014
Operating profit
17,957
19,981
Depreciation and amortisation
10,374
7,494
Losses on disposal of assets
52
93
Working capital
(12,174)
(27,492)
Share-based payments charge
1,082
2,527
Other non-cash items
269
(75)
Tax paid
(145)
(2,346)
Cash inflow from operating activities
17,415
182
Capital expenditure
(26,961)
(34,259)
Proceeds from issue of ordinary shares
-
563
Net cash inflow/(outflow) relating to Employee Benefit Trust
38
(632)
Acquisition of subsidiary
-
182
Net finance income received
61
82
Total cash outflow
(9,447)
(33,882)
Opening cash and cash equivalents
74,340
71,139
Effect of exchange rates on cash and cash equivalents
(2)
(343)
Closing cash and cash equivalents
64,891
36,914
Cash generated from operating profit increased by 17.2m in comparison to the prior period, principally due to a reduction in working capital outflow as a result of tight stock management and final business interruption insurance reimbursements relating to the warehouse fire. This cash inflow from operating activities was offset by total capital expenditure of 27.0m on our warehouse and technology infrastructure during the period.
Fixed asset additions
'000
Six months to
28 February
2015
Six months to
28 February
2014
IT
14,407
16,101
Office fixtures and fit-out
667
2,753
Warehouse
8,504
16,497
Total
23,578
35,351
We continue to invest in our warehousing and IT infrastructure to support our future annual sales target of 2.5bn. The majority of our warehousing spend related to our automation technology at Barnsley while our IT spend related to our continuing behind-the-scenes work to move from our legacy platforms to a new truly global and scalable platform.
Outlook
Our recent investment in international prices has generated increasing momentum in visits and sales, and we expect this to continue during the second half of the year. We are confident of our outlook for the remainder of the financial year and expect profit before tax for the year to be in line with market expectations. We are pleased with progress in our investments in our warehousing and IT infrastructure, and we continue to focus on building capacity to reach our next staging post of 2.5bn sales.
Nick Robertson
Nick Beighton
Chief Executive Officer
Chief Operating Officer
CONDENSED UNAUDITED Consolidated Statement of Total Comprehensive Income
For the six months ended 28 February 2015
Six months to 28 February 2015
Six months to 28 February 2014
Year to 31 August 2014
(unaudited)
(unaudited)
(audited)
'000
'000
'000
Revenue
550,474
481,726
975,470
Cost of sales
(285,275)
(238,639)
(490,463)
Gross profit
265,199
243,087
485,007
Distribution expenses
(78,771)
(72,944)
(147,303)
Administrative expenses
(174,770)
(150,162)
(294,108)
Warehouse fire: stock loss and other incremental costs
-
-
(8,486)
Warehouse fire: insurance reimbursements
6,299
-
11,536
Net other income (Note 4)
6,299
-
3,050
Operating profit
17,957
19,981
46,646
Finance income
145
168
312
Finance expense
(58)
(52)
(57)
Profit before tax
18,044
20,097
46,901
Income tax expense
(3,735)
(4,796)
(10,313)
Profit for the period
14,309
15,301
36,588
Net translation movements offset in reserves
(134)
(120)
(176)
Net fair value gain on derivative financial assets
10,098
1,193
2,015
Other comprehensive income for the period1
9,964
1,073
1,839
Total comprehensive income
24,273
16,374
38,427
Profit/(loss) attributable to:
Owners of the parent company
14,578
15,407
36,950
Non-controlling interest
(269)
(106)
(362)
14,309
15,301
36,588
Total comprehensive income/(loss) attributable to:
Owners of the parent
24,542
16,480
38,789
Non-controlling interest
(269)
(106)
(362)
24,273
16,374
38,427
Earnings per share (Note 5)
Basic
17.6p
18.6p
44.6p
Diluted
17.6p
18.5p
44.5p
1 All items of other comprehensive income may be reclassified to profit or loss. Net fair value gains on derivative financial assets will be reclassified from other comprehensive income to profit or loss during the next twelve months.
CONDENSED UNAUDITED Consolidated Statement of Changes in Equity
For the six months ended 28 February 2015
Called up share capital
Share premium
Retained earnings1
Employee Benefit Trust reserve
Hedging reserve
Translation reserve
Equity attributable to owners of the parent
Non-controlling interest
Total equity
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
'000
'000
'000
'000
'000
'000
'000
'000
'000
At 1 September 2014
2,920
6,901
186,927
(5,330)
2,240
(221)
193,437
(406)
193,031
Net cash received on exercise of shares from EBT2
-
-
-
38
-
-
38
-
38
Transfer of shares from EBT2 on exercise
-
-
(108)
108
-
-
-
-
-
Share-based payments charge
-
-
1,082
-
-
-
1,082
-
1,082
Profit/(loss) for the period
-
-
14,578
-
-
-
14,578
(269)
14,309
Other comprehensive income/(loss) for the period
-
-
-
-
10,098
(134)
9,964
-
9,964
Deferred tax on share options
-
-
111
-
-
-
111
-
111
Current tax on items taken directly to equity
-
-
115
-
-
-
115
-
115
At 28 February 2015
2,920
6,901
202,705
(5,184)
12,338
(355)
219,325
(675)
218,650
Called up share capital
Share premium
Retained earnings1
Employee Benefit Trust reserve
Hedging reserve
Translation reserve
Equity attributable to owners of the parent
Non-controlling interest
Total equity
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
'000
'000
'000
'000
'000
'000
'000
'000
'000
At 1 September 2013
2,890
6,368
152,133
(1,770)
225
(45)
159,801
(2)
159,799
Shares allotted in the period
30
533
-
-
-
-
563
-
563
Purchase of shares by EBT2
-
-
-
(632)
-
-
(632)
-
(632)
Transfer of shares from EBT2 on exercise
-
-
(59)
59
-
-
-
-
-
Share based payments charge
-
-
2,527
-
-
-
2,527
-
2,527
Profit/(loss) for the period
-
-
15,407
-
-
-
15,407
(106)
15,301
Other comprehensive income/(loss) for the period
-
-
-
-
1,193
(120)
1,073
-
1,073
Acquisition of subsidiary
-
-
(535)
-
-
-
(535)
(42)
(577)
Deferred tax on share options
-
-
(7,284)
-
-
-
(7,284)
-
(7,284)
Current tax on items taken directly to equity
-
-
2,643
-
-
-
2,643
-
2,643
At 28 February 2014
2,920
6,901
164,832
(2,343)
1,418
(165)
173,563
(150)
173,413
Called up share capital
Share premium
Retained earnings1
Employee Benefit Trust reserve
Hedging reserve
Translation reserve
Equity attributable to owners of the parent
Non-controlling interest
Total equity
(audited)
(audited)
(audited)
(audited)
(audited)
(audited)
(audited)
(audited)
(audited)
'000
'000
'000
'000
'000
'000
'000
'000
'000
At 1 September 2013
2,890
6,368
152,133
(1,770)
225
(45)
159,801
(2)
159,799
Shares allotted in the period
30
533
-
-
-
-
563
-
563
Purchase of shares by EBT2
-
-
-
(3,914)
-
-
(3,914)
-
(3,914)
Transfer of shares from EBT2 on exercise
-
-
(354)
354
-
-
-
-
-
Share based payments credit
-
-
(2,813)
-
-
-
(2,813)
-
(2,813)
Profit/(loss) for the period
-
-
36,950
-
-
-
36,950
(362)
36,588
Other comprehensive income/(loss) for the period
-
-
-
-
2,015
(176)
1,839
-
1,839
Acquisition of subsidiary
-
-
-
-
-
-
-
(42)
(42)
Deferred tax on share options
-
-
(8,730)
-
-
-
(8,730)
-
(8,730)
Current tax on items taken directly to equity
-
-
9,741
-
-
-
9,741
-
9,741
Balance as at 31 August 2014
2,920
6,901
186,927
(5,330)
2,240
(221)
193,437
(406)
193,031
1Retained earnings includes the share-based payments reserve
2Employee Benefit Trust and Capita Trust
CONDENSED UNAUDITED Consolidated Statement of Financial PositioN
At 28 February 2015
At
28 February 2015
At
28 February 2014
At
31 August 2014
(unaudited)
(unaudited)
(audited)
'000
'000
'000
Non-current assets
Goodwill
1,060
1,325
1,325
Other intangible assets
69,389
50,280
62,576
Property, plant and equipment
61,167
46,141
55,400
Deferred tax asset
-
1,127
-
131,616
98,873
119,301
Current assets
Inventories
161,571
154,640
161,480
Trade and other receivables
18,589
19,110
20,385
Derivative financial assets (Note 8)
12,338
1,418
2,240
Current tax asset
-
-
2,217
Cash and cash equivalents (Note 6)
64,891
36,914
74,340
257,389
212,082
260,662
Current liabilities
Trade and other payables
(167,820)
(135,201)
(185,539)
Current tax liability
(1,397)
(1,806)
-
(169,217)
(137,007)
(185,539)
Net current assets
88,172
75,075
75,123
Non-current liabilities
Deferred tax liability
(1,138)
(535)
(1,393)
Net assets
218,650
173,413
193,031
Equity attributable to owners of the parent
Called up share capital
2,920
2,920
2,920
Share premium
6,901
6,901
6,901
Employee Benefit Trust reserve
(5,184)
(2,343)
(5,330)
Hedging reserve
12,338
1,418
2,240
Translation reserve
(355)
(165)
(221)
Retained earnings
202,705
164,832
186,927
219,325
173,563
193,437
Non-controlling interests
(675)
(150)
(406)
Total equity
218,650
173,413
193,031
CONDENSED UNAUDITED Consolidated Statement of Cash Flows
For the six months ended 28 February 2015
Six months to 28 February 2015
Six months to 28 February 2014
Year to 31
August 2014
(unaudited)
(unaudited)
(audited)
'000
'000
'000
Operating profit
17,957
19,981
46,646
Adjusted for:
Depreciation of property, plant and equipment
3,673
3,044
5,860
Amortisation of other intangible assets
6,701
4,450
9,501
Loss on disposal of non-current assets
52
93
150
Decrease/(increase) in inventories
111
(11,499)
(18,352)
Decrease/(increase) in trade and other receivables
1,808
(821)
(1,844)
(Increase)/decrease in trade and other payables
(14,093)
(15,172)
33,522
Share-based payments charge/(credit)
1,082
2,527
(2,813)
Other non-cash items
269
(75)
(297)
Income tax paid
(145)
(2,346)
(3,714)
Net cash generated from operating activities
17,415
182
68,659
Investing activities
Payments to acquire other intangible assets
(15,213)
(16,636)
(32,627)
Payments to acquire property, plant and equipment
(11,748)
(17,623)
(29,750)
Finance income
123
146
296
Acquisition of subsidiary, net of cash acquired
-
182
182
Net cash used in investing activities
(26,838)
(33,931)
(61,899)
Financing activities
Proceeds from issue of ordinary shares
-
563
563
Net cash inflow/(outflow) relating to Employee Benefit Trust
38
(632)
(3,914)
Finance expense
(62)
(64)
(65)
Net cash used in financing activities
(24)
(133)
(3,416)
Net (decrease)/increase in cash and cash equivalents
(9,447)
(33,882)
3,344
Opening cash and cash equivalents
74,340
71,139
71,139
Effect of exchange rates on cash and cash equivalents
(2)
(343)
(143)
Closing cash and cash equivalents
64,891
36,914
74,340
Notes to the CONDENSED UNAUDITED financial information
For the six months ended 28 February 2015
1. Preparation of the condensed unaudited consolidated financial information
a) Basis of preparation
The interim financial statements for the six months ended 28 February 2015 have been prepared in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union. The interim financial information should be read in conjunction with the Group's Annual Report and Accounts for the year ended 31 August 2014, which has been prepared in accordance with IFRSs as adopted by the European Union.
The interim consolidated financial information contained in this report has been reviewed, not audited, and does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The Annual Report and Accounts for the year ended 31 August 2014 has been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not contain statements under s498(2) or s498(3) of the Companies Act 2006.
The Group's business activities together with the factors that are likely to affect its future developments, performance and position are set out in the Business Review. The Business Review describes the Group's financial position, cash flows and borrowing facilities.
The interim financial statements were approved by the Board of Directors on 31 March 2015.
Going concern
The Directors have reviewed current performance and forecasts, combined with expenditure commitments, including capital expenditure. After making enquiries, the Directors have a reasonable expectation that the Group has adequate financial resources to continue its current operations, including contractual and commercial commitments for the foreseeable future. For this reason, they have continued to adopt the going concern basis in preparing the interim financial statements.
Statement of Directors' responsibilities
The Directors confirm that, to the best of their knowledge, this condensed set of consolidated financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union, and that the interim management report includes a fair review of the information required.
Accounting policies
The interim financial statements have been prepared in accordance with the accounting policies set out in the Annual Report and Accounts for the year ended 31 August 2014. Various new accounting standards and amendments were issued during the period, none of which have had or are expected to have any significant impact on the Group, and none of which have been adopted early.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to the expected total annual earnings.
2. Principal risks and uncertainties
The Board considers the principal risks and uncertainties which could impact the Group over the remaining six months of the financial year to 31 August 2015 to be unchanged from those set out in the Annual Report and Accounts for the year ended 31 August 2014, summarised as follows:
- Market risks, including maintaining our market position and fashionability, failure to meet customer demand and meet the needs of changing customer tastes
- Technological risk, including robustness and sufficiency of IT systems and infrastructure, and failure to adopt technological innovations
- Financial risks, including exposure to changes in interest and foreign exchange rates
- Supply chain risks, including interruption to supply of core category products and disruption to delivery services or warehousing activities
- Brand and reputational risks
- Reliance on key personnel
These are set out in detail on pages 16 to 18 of the Group's Annual Report and Accounts for the year ended 31 August 2014, a copy of which is available on the Group's website, www.asosplc.com. Information on financial risk management is also detailed on pages 69 to 70 of the Annual Report.
3. Segmental analysis
IFRS 8 'Operating Segments' requires operating segments to be determined based on the Group's internal reporting to the Chief Operating Decision Maker. The Chief Operating Decision Maker has been determined to be the Executive Board and has determined that the primary segmental reporting format of the Group is geographical by customer location, based on the Group's management and internal reporting structure.
The Executive Board assesses the performance of each segment based on revenue and gross profit after distribution expenses, which excludes administrative expenses.
Six months to 28 February 2015 (unaudited)
UK
US
EU
RoW
Total
'000
'000
'000
'000
'000
Retail sales
231,370
54,528
136,228
114,303
536,429
Delivery receipts
5,440
1,554
2,214
2,560
11,768
Third party revenues
2,277
-
-
-
2,277
Internal revenues
376
-
-
1,309
1,685
Total segment revenue
239,463
56,082
138,442
118,172
552,159
Eliminations
(376)
-
-
(1,309)
(1,685)
Total revenue
239,087
56,082
138,442
116,863
550,474
Cost of sales
(132,045)
(23,344)
(71,170)
(58,716)
(285,275)
Gross profit
107,042
32,738
67,272
58,147
265,199
Distribution expenses
(25,050)
(17,239)
(18,092)
(18,390)
(78,771)
Segment result
81,992
15,499
49,180
39,757
186,428
Administrative expenses
(174,770)
Net other income
6,299
Operating profit
17,957
Finance income
145
Finance expense
(58)
Profit before tax
18,044
Internal revenues relate largely to sale of stock by ASOS.com to ASOS (Shanghai) Commerce Co. Limited.
Six months to 28 February 2014 (unaudited)
UK
US
EU
RoW
Total
'000
'000
'000
'000
'000
Retail sales
182,040
46,749
127,626
115,904
472,319
Delivery receipts
3,410
835
1,582
1,717
7,544
Third party revenues
1,863
-
-
-
1,863
Internal revenues
-
-
-
400
400
Total segment revenue
187,313
47,584
129,208
118,021
482,126
Eliminations
-
-
-
(400)
(400)
Total revenue
187,313
47,584
129,208
117,621
481,726
Cost of sales
(100,182)
(20,131)
(63,325)
(55,001)
(238,639)
Gross profit
87,131
27,453
65,883
62,620
243,087
Distribution expenses
(17,896)
(15,100)
(17,784)
(22,164)
(72,944)
Segment result
69,235
12,353
48,099
40,456
170,143
Administrative expenses
(150,162)
Operating profit
19,981
Finance income
168
Finance expense
(52)
Profit before tax
20,097
Year to 31 August 2014 (audited)
UK
US
EU
RoW
Total
'000
'000
'000
'000
'000
Retail sales
372,241
92,311
256,385
234,358
955,295
Delivery receipts
7,412
1,773
3,162
3,604
15,951
Third party revenues
4,224
-
-
-
4,224
Internal revenues
111
-
-
7,654
7,765
Total segment revenue
383,988
94,084
259,547
245,616
983,235
Eliminations
(111)
-
-
(7,654)
(7,765)
Total revenue
383,877
94,084
259,547
237,962
975,470
Cost of sales
(207,853)
(40,137)
(126,460)
(116,013)
(490,463)
Gross profit
176,024
53,947
133,087
121,949
485,007
Distribution expenses
(39,618)
(28,804)
(37,062)
(41,819)
(147,303)
Segment result
136,406
25,143
96,025
80,130
337,704
Administrative expenses
(294,108)
Net other income
3,050
Operating profit
46,646
Finance income
312
Finance expense
(57)
Profit before tax
46,901
Due to the nature of its activities, the Group is not reliant on any individual major customers.
No analysis of the assets and liabilities of each operating segment is provided to the Chief Operating Decision Maker in the monthly management accounts therefore no measure of segments assets or liabilities is disclosed in this note.
There are no material non-current assets located outside the UK.
4. Net other income
Net other income recognised during the six months ended 28 February 2015 relates to final business interruption reimbursements as a result of the fire in our main distribution hub in June 2014. Amounts recognised during the year to 31 August 2014 related to insurance reimbursements related to stock loss and other incremental costs plus a portion of business interruption losses.
Six months to 28 February 2015
Six months to 28 February 2014
Year to
31 August
2014
(unaudited)
(unaudited)
(audited)
'000
'000
'000
Stock loss and other incremental costs
-
-
(8,486)
Insurance reimbursements
6,299
-
11,536
Total
6,299
-
3,050
At 31 August 2014, the Group disclosed a contingent asset in relation to these expected final business interruption reimbursements. This contingent asset no longer exists as at 28 February 2015 as a result of the reimbursements received above.
5. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of the parent company by the weighted average number of ordinary shares in issue during the year. Own shares held by the Employee Benefit Trust and Capita Trust are eliminated from the weighted average number of ordinary shares.
Diluted earnings per share is calculated by dividing the profit attributable to the owners of the parent company by the weighted average number of ordinary shares in issue during the period, adjusted for the effects of potentially dilutive share options.
Six months to 28 February 2015
Six months to 28 February 2014
Year to
31 August
2014
(unaudited)
(unaudited)
(audited)
No. of shares
No. of shares
No. of shares
Weighted average share capital
Weighted average shares in issue for basic earnings per share
82,921,082
82,707,823
82,845,587
Weighted average effect of dilutive options
64,978
442,819
279,864
Weighted average shares in issue for diluted earnings per share
82,986,060
83,150,642
83,125,451
Six months to 28 February 2015
Six months to 28 February 2014
Year to 31
August
2014
(unaudited)
(unaudited)
(audited)
'000
'000
'000
Earnings
Underlying earnings attributable to owners of the parent
14,578
15,407
36,950
Six months to 28 February 2015
Six months to 28 February 2014
Year to 31 August
2014
(unaudited)
(unaudited)
(audited)
Pence
Pence
Pence
Earnings per share
Basic earnings per share
17.6
18.6
44.6
Diluted earnings per share
17.6
18.5
44.5
6. Reconciliation of cash and cash equivalents
Six months to 28 February 2015
Six months to 28 February 2014
Year to 31 August
2014
(unaudited)
(unaudited)
(audited)
'000
'000
'000
Net movement in cash and cash equivalents
(9,447)
(33,882)
3,344
Opening cash and cash equivalents
74,340
71,139
71,139
Effect of exchange rates on cash and cash equivalents
(2)
(343)
(143)
Closing cash and cash equivalents
64,891
36,914
74,340
The Group has a 20m revolving loan credit facility which includes an ancillary 10m guaranteed overdraft facility and which is available until July 2015. We expect to renegotiate this loan facility during the second half of the year.
7. Capital expenditure and commitments
During the period, the Group acquired property, plant and equipment of 9.7m and intangible assets of 13.9m. Disposals were immaterial. At the period end capital commitments contracted, but not provided for by the Group, amounted to 2.6m.
8. Financial instruments
There are no changes to the categories of financial instruments held by the Group.
Six months to 28 February 2015
Six months to 28 February 2014
Year to 31 August
2014
(unaudited)
(unaudited)
(audited)
'000
'000
'000
Financial assets
Loans and receivables1
75,595
48,349
86,058
Derivative financial assets
12,338
1,418
2,240
Financial liabilities
Amortised cost2
(165,152)
(133,015)
(181,481)
1Loans and receivables include trade and other receivables and cash and cash equivalents, and excludes prepayments.
2Included in financial liabilities at amortised cost are trade payables, accruals and other payables.
The Group operates internationally and is therefore exposed to foreign currency transaction risk, primarily on sales denominated in US dollars, Euros and Australian dollars. The Group's policy is to mitigate foreign currency transaction exposures where possible and the Group uses financial instruments in the form of forward foreign exchange contracts to hedge future highly probable foreign currency cash flows.
These forward foreign exchange contracts are classified above as derivative financial assets and are classified as Level 2 financial instruments under IFRS 13, "Fair Value Measurement." They have been fair valued at 28 February 2015 with reference to spot exchange rates that are quoted in an active market. All forward foreign exchange contracts were assessed to be highly effective during the period to 28 February 2015 and a net unrealised gain of 10,098,000 (2014: 1,193,000) was recognised in equity. All derivative financial assets at 28 February 2015 mature within one year based on the related contractual arrangements.
9. Related Parties
The Group's related parties are the Employee Benefit Trust, Capita Trust and key management personnel. There have been no material changes to the Group's related party transactions during the six months to 28 February 2015.
Independent review report to ASOS PLC
Introduction
We have been engaged by the Company to review the interim results for the six months ended 28 February 2015, which comprises the condensed consolidated statement of total comprehensive income, condensed consolidated statement of financial position, condensed consolidated statement of changes in equity, condensed consolidated cash flow statement and related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies which require that the financial information must be presented and prepared in a form consistent with that which will be adopted in the company's annual financial statements.
As disclosed in Note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with the International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of the AIM Rules for Companies and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 28 February 2015 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the AIM Rules for Companies.
The condensed interim financial statements for the period ended 28 February 2014 forming the corresponding figures of the condensed interim financial statements for the period ended 28 February 2015 have not been reviewed.
PricewaterhouseCoopers LLP
Chartered Accountants
31 March 2015
This information is provided by RNSThe company news service from the London Stock ExchangeENDIR SDSFMFFISEFD
Recent news on Asos
See all newsREG - ASOS PLC Frasers Group PLC - Holding(s) in Company
AnnouncementREG - ASOS PLC - Change of Company Registrar
AnnouncementREG - ASOS PLC - Director/PDMR Shareholding
AnnouncementREG - ASOS PLC - Result of AGM
AnnouncementREG - ASOS PLC - Director/PDMR Shareholding
Announcement