RNS Number:7943M
ASOS PLC
28 November 2006
FOR RELEASE 7.00 am 28 November 2006
ASOS plc
("ASOS" or "Group")
("a leading internet based fashion retailer")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30th SEPTEMBER 2006
Key Financial Results
#'000s 6 months to 6 months to Increase
30 September 30 September
2006 2005
Asos.com sales 15,646 8,062 94%
Group sales 15,917 8,345 91%
Profit before tax and exceptional item 269 (44) -
Exceptional item - Buncefield
insurance proceeds 570 - -
Profit before tax 839 (44) -
* ASOS.com sales +94% to #15.6m
* Group sales +91% to #15.9m
* Early adoption of International Financial Reporting Standards (IFRS)
* Group profit before tax under IFRS (excluding insurance proceeds) of
#269,000 (loss of #44,000 for 6 months to September 2005)
* 1.1 million registered users as at 27 November 2006 (725,000 as at 27
November 2005)
* ASOS.com sales +62% year on year for the 8 weeks to 26 November 2006
* Optimistic of another excellent year's trading
ASOS plc
Nick Robertson, Chief Executive Tel: 020 7240 7070
Jon Kamaluddin, Finance Director
Website: www.asos.com
Cubitt Consulting
Brian Coleman-Smith / Nia Thomas / Leanne Denman Tel: 020 7367 5100
Seymour Pierce
Mark Percy / Nicola Marrin Tel: 020 7107 8000
Background note:
ASOS plc is an Internet Retail and Marketing Services Group, established in June
2000 and admitted to AIM in October 2001. Its principal business is ASOS.com, a
leading online fashion and beauty retailer. Aimed primarily at an Internet savvy
18-34 year old, ASOS had over 1.1 million registered users at 27 November 2006
and offers over 4000 products across womenswear, menswear, footwear,
accessories, jewellery and beauty.
ASOS plc
("ASOS" or "Group")
("a leading internet based fashion retailer")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30th SEPTEMBER 2006
Chief Executive's Statement
Results
We had a very strong first half, delivering 94% sales growth for ASOS.com, the
group's main trading subsidiary. This follows the investment we made last year
in our buying and merchandising teams and the subsequent broadening of the
product offer.
Following the early adoption of IFRS, I am pleased to report a profit before tax
(excluding #570,000 of insurance proceeds) of #269,000 for the period, against a
loss of #44,000 for the same period last year.
As more attention is paid to the online channel by the high street retailers, we
remain committed to maintaining our lead position and in creating capacity for
continued rapid growth. Accordingly, our operating costs have risen by #1.4
million as a result of increasing headcount. The remaining increase in operating
costs of #1.2 million is as a direct result of increased volumes.
Cash balances have fallen by #2.6 million since 30 March 2006 predominantly as a
result of stock building in advance of Christmas trading, faster payment of
creditors in order to secure early settlement discounts and #0.9 million of
capital expenditure.
Dividend
The Directors continue to keep dividend policy under review but, with the
continuing investment in the business, it has been decided not to declare an
interim dividend at this stage in the Group's development.
The Market
The positive sentiment surrounding online retail in the UK continues with growth
forecasts for the market ranging from 30% to 40% for this year and next. The
rapid take up of broadband and wider acceptance of online shopping remain the
key drivers.
Outlook
The investments we have made over the last 12 months and our partnership with
Unipart Logistics have put the business in a much stronger position.
ASOS remains the second most popular fashion store online behind Next attracting
over 1.6 million unique visitors to the site in October 2006. As at 27 November
2006, ASOS.com had 1.1 million registered users.
Our performance for the first half is in line with our internal budgets and as
such we remain confident that full year results will be in line with market
expectations, as restated for the impact of the early adoption of IFRS.
As we approach the key Christmas trading period I remain optimistic that we can
look forward to another excellent year's trading. An update on trading will be
given in mid January.
Nick Robertson
Chief Executive Officer
28th November 2006
Unaudited Consolidated (Condensed) Income Statement
for the six months ended 30 September 2006
#'000s 6 Months to 6 Months to 12 Months to
30 September 30 September 31 March
2006 2005 2006
___________________________________________________________________________
Revenue 15,917 8,345 18,808
Cost of Sales (8,995) (4,333) (10,028)
___________________________________________________________________________
Gross Profit 6,922 4,012 8,780
Administration Expenses (6,706) (4,090) (9,751)
Exceptional item - Business disruption 570 - 2,439
___________________________________________________________________________
Operating Profit/(Loss) 786 (78) 1,467
Interest Receivable/Payable 53 35 61
___________________________________________________________________________
Profit/(Loss) on ordinary
activities before tax 839 (44) 1,529
Tax charge (233) 67 215
___________________________________________________________________________
Profit/(Loss) for the Financial Year
After Tax 607 23 1,743
Earnings per Share
Basic 0.84p 0.03p 2.43p
Diluted 0.80p 0.03p 2.33p
Weighted Average Number of Shares
Basic 71,964,017 71,743,597 71,753,218
Diluted 75,724,481 74,513,147 74,785,943
Unaudited Consolidated (Condensed) Balance Sheet
as at 30 September 2006
#'000s At At At
30 September 30 September 31 March
2006 2005 2006
___________________________________________________________________________
Goodwill 1,248 1,248 1,248
Intangible Assets - - -
Property Plant & Equipment 1,687 921 990
Deferred Tax Asset 411 337 485
___________________________________________________________________________
Non Current Assets 3,347 2,507 2,723
Inventories 5,202 1,487 2,564
Trade & Other Receivables 1,926 1,284 1,877
Cash & Cash Equivalents 1,160 1,399 3,744
___________________________________________________________________________
Current Assets 8,289 4,170 8,185
Current Liabilities (5,454) (3,016) (5,451)
Total Assets less current liabilities 6,182 3,660 5,457
Non Current Liabilities - - -
___________________________________________________________________________
Net Assets 6,182 3,660 5,457
___________________________________________________________________________
Ordinary Shares 2,520 2,511 2,517
Share premium 3,259 3,073 3,144
Retained Earnings 402 (1,924) (204)
___________________________________________________________________________
Shareholders Funds - Equity 6,182 3,660 5,457
___________________________________________________________________________
Unaudited Consolidated (Condensed)
Cash Flow Statement
for the six months ended 30 September 2006
6 Months to 6 Months to 12 Months to
#'000s 30 September 30 September 31 March
2006 2005 2006
_________________________________________________________________________
Cash inflow from operating activities (1,778) (9) 2,507
Net Cash Inflow from Returns on
Investment and servicing of Finance 53 35 61
Taxation - - -
Net Cash Outflow from Investing
Activities (887) (687) (901)
Net cash inflow from the issue of shares 28 - 16
_________________________________________________________________________
Increase/decrease in cash ( 2,583) (661) 1,684
_________________________________________________________________________
Consolidated Statement of Changes in Equity
for the six months ended 30 September 2006
6 Months to 6 Months to 12 Months to
#'000s 30 September 30 September 31 March
2006 2005 2006
______________________________________
Opening Equity 5,457 3,594 3,594
Share Option Income Statement Charge 90 43 103
___________________________________________________________________________
Net Income Recognised Directly in Equity 90 43 103
Profit for the period 607 23 1,743
Allotted Shares 28 - 16
Total Movement In Equity for the period 725 66 1,862
___________________________________________________________________________
6,182 3,660 5,457
___________________________________________________________________________
Notes to the Accounts
1. The Interim Financial Statements for the 6 months ended 30 September 2006
have been prepared using accounting policies consistent with International
Financial Reporting Standards (IFRS) for the first time. The disclosures
required by IFRS 1 concerning the transition from UK Generally Accepted
Accounting Practice (UK GAAP) to IFRS were detailed in a separate document
entitled "IFRS RE-STATEMENT 2005/2006". The next annual Financial Statements of
the Group will be prepared in accordance with International Financial Reporting
Standards as adopted for use in the EU. These Interim Financial Statements are a
condensed set of accounts and are prepared in accordance with the requirements
of IAS 34.
2. The interim accounts for the six months ended 30 September 2006 are unaudited
and do not constitute statutory accounts in accordance with section 240 of the
Companies Act 1985. The financial information for the 6 months ended 30
September 2005 has not been audited but has been extracted from the restated
IFRS compliant financial statements for the 12 months ended 31 March 2006. A
reconciliation between IFRS and UK GAAP results for 12 months to 31 March 2006
has been circulated and is titled "IFRS RE-STATEMENT 2005/2006". The auditors
gave an unqualified report on the UK GAAP results. A copy of those financial
statements has been filed with the Registrar of Companies.
3. Segment Analysis
#'000s 6 months to 6 months to Year Ended
30 September 30 September 31 March
2006 2005 2006
Turnover
Geographical analysis of turnover by origin
United Kingdom - Marketing Services 271 283 601
United Kingdom - Internet 13,910 7,292 16,599
Retailing and advertising
North America 267 152 289
Rest of the world 1,468 618 1,318
15,917 8,345 18,808
4. Basic earnings per ordinary share has been calculated on the group's profit
for the period attributable to shareholders and on the weighted number of
ordinary shares in issue: 71,964,017 (30 September 2005: 71,743,597; 31 March
2006: 71,753,281). Fully diluted earnings per ordinary share has been calculated
on the group's profit 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 75,724,481 (30 September 2005: 74,513,147; 31 March
2006: 74,785,943).
5. 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 Exchange
END
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