29th Nov 2005 07:01
ASOS PLC29 November 2005 FOR RELEASE7.00 amTuesday 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 resourceand 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 lossbefore tax was £120,000 against a profit of £126,000 for the same period lastyear. Basic loss per share was 0.17p (2004: earnings per share 0.18p). Thefigures above are after £251,000 of one-off costs associated with the warehousemove. Capital expenditure within the period was £686,000 with a further £400,000budgeted for the second half of the year. The MarketAccording to the IMRG - 22 million British Shoppers will spend 5 billion onlinethis Christmas, an average of £208 each and generating 130 million internetshopping deliveries. OutlookWe have invested in our management and logistical teams, doubled the size of ourbuying and merchandising team and bought ourselves sufficient logisticalcapacity to support continued high levels of growth. Last year we added four new departments: jewellery, footwear, beauty andaccessories. This year, we have again responded to the needs of our customersand 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 wewere again the second most visited Clothing and Apparel site behind Next,attracting over 1.1 million unique visitors. In November 2005 we expect this torise to 1.4m unique visitors, a 46% increase year on year. As at the 28thNovember, we had 725,000 registered users. I remain optimistic about the prospects for the business. The strategy ofdelivering 800 new lines per month will be supported by strengthening oursupplier terms and improving our gross margin. We will use the relativelyquieter 4th quarter of the financial year ending 31st March 2006 to introducetechnology efficiencies into our logistical operation. Nick RobertsonChief Executive Officer29th November 2005 ASOS plc Tel: 020 7240 7070Nick Robertson, Chief Executive Jon Kamaluddin, Finance Director Beattie Financial Tel: 020 7053 6400Brian Coleman-Smith / Nia Thomas / Grace Dewhurst Seymour Pierce Tel: 020 7107 8000Mark Percy / Nichola Marrin ASOS plc is an Internet Retail and Marketing Services Group, established in June2000 and admitted to AIM in October 2001. Its principle business is ASOS.com, aleading online fashion and beauty retailer. Aimed primarily at an Internet savvy18-34 year olds, ASOS has over 725,000 registered users at 27th November 2005and offers over 1500 lines across womenswear, menswear, jewellery, beauty,accessories and footwear. Unaudited Consolidated Profit and Loss Account for the Six Months Ended 30September 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 13,518Cost 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 beforeAmortisation 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 1.3pFully 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 1,248Tangible Assets 921 170 327 ---------- ---------- ---------- 2,055 1,532 1,576 Current Assets Stock 1,487 1,068 1,587Debtors 1,554 674 1,217Cash at bank and in hand 1,399 1,261 2,060 ---------- ---------- ---------- 4,440 3,002 4,864 Creditors: amounts fallingdue within one year (3,004) (1,742) (2,828) ---------- ---------- ----------Net Current Assets 1,436 1,260 2,036 ---------- ---------- ----------Total assets less currentliabilities 3,491 2,792 3,612 ---------- ---------- ---------- Capital and Reserves Called up share capital 2,511 2,464 2,511Share Premium Account 2,996 2,975 2,996Profit 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 Ended30 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)/inflowfrom operating activities (9) 243 1,163 Net cash (outflow)/inflow fromreturns on investments andservicing 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)/inflowfrom 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. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ASOS