TIDMASC
RNS Number : 5295C
ASOS PLC
16 November 2009
FOR RELEASE 7.00 AM
16 November 2009
ASOS plc ("the Company")
Leading online fashion store
Interim Results for the 6 months to 30 September 2009
Summary results:
+----------------------------+--------------------------------------------+----------------+--------------------+
| GBP'000s | H1 09/10 | H1 08/09 | Change |
+----------------------------+--------------------------------------------+----------------+--------------------+
| Group revenues | 96,503 | 65,706 | 47% |
+----------------------------+--------------------------------------------+----------------+--------------------+
| Gross profit | 40,484 | 30,233 | 34% |
+----------------------------+--------------------------------------------+----------------+--------------------+
| Gross profit margin | 42.0% | 46.0% | ? |
+----------------------------+--------------------------------------------+----------------+--------------------+
| Operating profit | 4,384 | 3,836 | 14% |
+----------------------------+--------------------------------------------+----------------+--------------------+
| Profit before tax | 4,403 | 4,052 | 9% |
+----------------------------+--------------------------------------------+----------------+--------------------+
| Earnings per share (fully | 4.0 | 3.7 | 8% |
| diluted) | | | |
+----------------------------+--------------------------------------------+----------------+--------------------+
| Net cash | 8,661 | 8,852 | -2% |
+----------------------------+--------------------------------------------+----------------+--------------------+
Key highlights:
* Total sales growth +47%: UK sales growth +33%, International sales growth +112%
* Investment in UK growth and International continues
* Number of active customers up +32% year on year to 1.2 million at the end of
October 2009
* Costs and stock tightly managed
* Introduction of free returns for all UK customers
Current trading and outlook:
* Positive start to the second half with total sales for 7 weeks to 15th November
+46% year on year
* UK sales for the 7 week period +23%, International sales +161%
* Online sales continue to outperform the overall retail market
* Board remains cautiously optimistic ahead of peak trading period
Nick Robertson, Chief Executive of ASOS, said:
"A strong first half performance and a very encouraging start to the second
half. UK sales continue to grow and International sales have accelerated. We
invested in a number of customer facing initiatives, specifically around
delivery and returns and continued to build our International operations, the
output of which is clearly visible with International now representing 25% of
our sales. Fundamentally, the internet is the retail channel with the greatest
potential and ASOS is ideally situated to exploit it."
For further information:
ASOS plc
Nick Robertson, Chief Executive Tel: 0207 756 1000
Nick Beighton, Finance Director
Website: www.asos.com
Cubitt Consulting
Brian Coleman-Smith / Nicola Krafft / James VerstringheTel: 020 7367 5100
JPMorgan Cazenove
Luke Bordewich / Gina Gibson Tel: 020 7588 2828
Numis Securities
Alex HamTel: 020 7260 1000
Background note
Established in June 2000 and admitted to AIM in October 2001, ASOS.com is the
UK's largest independent online fashion and beauty retailer and offers over
34,000 branded and own label product lines across womenswear, menswear,
footwear, accessories, jewellery and beauty with approximately 1,500 new product
lines being introduced each week.
Aimed primarily at fashion forward 16-34 year olds, ASOS.com attracts over 6.3
million unique visitors a month and as at 31 October 2009 had 2.8 million
registered users and 1.2 million active customers (defined as having shopped in
the last 6 months). www.asos.com
ASOS plc ("the Company")
Leading online fashion store
Interim Results for the 6 months to 30 September 2009
Chief Executive's Review
Summary
We posted a strong first half with UK sales up 33% and International sales up
112%. This performance was a direct consequence of the investments we made in
extending the product range, enhancing the customer experience and expanding our
International capabilities. Sales were slightly flattered in the period due to
the timing of the Easter sale.
Stock and costs were managed more tightly, ensuring that profit before tax was
ahead of the prior year despite the reduction in retail margin over the period.
This reduction was the result of the additional sale mentioned above, an
increase in the branded mix and the foreign exchange impact on our bought in
margin.
Following the introduction of a new warehouse management system in April, we
were able to leverage the improved working processes and our scale to greatly
enhance our service proposition, specifically around delivery and returns as set
out in more detail below.
Business Review
We added a further 12,700 lines to the site (including a number of new brands),
taking the total number of lines to 34,000. This included a men's offer within
ASOS Outlet and an own label kid's range called Little ASOS.
A number of new delivery options were introduced during the period, including a
same day service within the M25 including Saturday and Sunday, a nominated day
service and a super saver six day service. We are also trialling our ASOS
Premier service whereby customers receive an unlimited free next day delivery
and returns pick-up service for an annual fee. Delivery is now free in the UK
for orders over GBP75 and we have made returns free for all UK customers. The
financial impact of free returns is within anticipated levels.
We are planning additional marketing activity over the coming months to further
increase brand awareness in the UK.
Key Performance Indicators (KPI's) H1 2009/10
The key performance indicators for the first half are shown in the table below.
+--------------------------------------------------+----------+----------+----------+
| KEY PERFORMANCE INDICATORS | H1 | H1 | Change |
| | 2009/10 | 2008/09 | |
+--------------------------------------------------+----------+----------+----------+
| Sales (GBP'000) | 96,503 | 65,706 | 47% |
+--------------------------------------------------+----------+----------+----------+
| Retail margin (excludes 3rd party revenues and | 44.6% | 48.3% | ? |
| postage receipts) | | | |
+--------------------------------------------------+----------+----------+----------+
| Average basket value (GBP, inc. VAT) | 62.03 | 58.36 | 6% |
+--------------------------------------------------+----------+----------+----------+
| Average units per basket | 2.81 | 2.64 | 6% |
+--------------------------------------------------+----------+----------+----------+
| Average selling price per unit (GBP, inc. VAT) | 22.08 | 22.12 | 0% |
+--------------------------------------------------+----------+----------+----------+
| Returns % to sales (by value) | 25.5% | 26.4% | ? |
+--------------------------------------------------+----------+----------+----------+
| % International sales | 25% | 17% | ? |
+--------------------------------------------------+----------+----------+----------+
| Number of orders ('000) | 2,207 | 1,609 | 37% |
+--------------------------------------------------+----------+----------+----------+
International
We continue to develop our International capability which now represents 25% of
our sales. Our offer extended to an additional 56 countries, taking the total
to 114 and we introduced fixed rate shipping charges and an express shipping
option to 112 of these countries. We also increased our marketing efforts in a
number of key territories. Our main markets during the first half were Denmark,
Ireland, France, Germany and the US.
Outlook
Our outlook for the second half remains cautiously optimistic. We expect UK
sales to carry on growing, underpinned by further marketing activity, and for
International sales to continue providing additional momentum. Stock and costs
have been controlled well, so our performance in the second half should be
significantly ahead year on year, providing sales continue to grow in line with
expectations.
Nick Robertson
Chief Executive
Finance Director's Review
During the half year ended 30th September 2009, ASOS made excellent progress,
with sales increasing 47% over the previous year.
Revenues
An analysis of our revenues is shown below:
+--------------------+--------------------+--------------------+----------------------+
| GBP'000s | H1 09/10 | H1 08/09 | Change |
+--------------------+--------------------+--------------------+----------------------+
| Retail sales | 87,657 | 58,932 | 49% |
+--------------------+--------------------+--------------------+----------------------+
| Delivery receipts | 7,942 | 6,271 | 27% |
+--------------------+--------------------+--------------------+----------------------+
| Third party | 904 | 503 | 80% |
| revenues* | | | |
+--------------------+--------------------+--------------------+----------------------+
| Group revenues | 96,503 | 65,706 | 47% |
+--------------------+--------------------+--------------------+----------------------+
*Advertising revenues
Sales remained robust against a tough consumer backdrop. In the second half we
expect delivery receipts to stay broadly level on the prior year. Third party
revenues (mainly comprising our advertising revenues) increased strongly and are
well on track to meet the revenue targets for the full year.
Segmental analysis of revenues:
+----------------------+--------------------+--------------------+-------------------+
| GBP'000s | H1 09/10 | H1 08/09 | Change |
+----------------------+--------------------+--------------------+-------------------+
| UK | 72,491 | 54,356 | 33% |
+----------------------+--------------------+--------------------+-------------------+
| International | 24,012 | 11,350 | 112% |
+----------------------+--------------------+--------------------+-------------------+
| Group revenues | 96,503 | 65,706 | 47% |
+----------------------+--------------------+--------------------+-------------------+
Our International expansion is progressing well and is in line with our plans to
increase the ease of shopping for our existing International customers and to
extend our offer to a greater number of territories. With this in mind, we added
56 countries to our delivery schedules, bringing the total number of countries
covered to 114.
These activities have driven our International business forward significantly
with sales growth of 112% for the half year, whilst our International resources
have been built-up accordingly.
Gross profit
Our gross profit increased by 34% to GBP40.5 million, with group gross margin
coming in at 42%, against 46% in the prior year. The 370 basis points reduction
in the retail margin to 44.6% (from 48.3% in H1 2008/09) resulted from increased
sourcing costs, incremental markdown arising from the extra sale period during
the first half and a change in the branded product/own-label mix, when compared
to last year.
Following the strategic decision to make investments in the service proposition,
the delivery margin declined accordingly. Going forward, the incremental cost of
implementing our free returns policy will be borne in the delivery cost line,
which is included in the cost of goods sold. During the second half of the year,
we therefore expect to post a negative gross margin in this part of our
business. This will, however, have only a small impact on the group gross
margin.
Operating costs
Operating costs grew by 37% to GBP36.1 million, and in total, the operating cost
ratio to sales improved by 280 basis points to 37.4% (2008/09: 40.2%).
+------------------------+------------------+------------------+--------------------+
| GBP'000s | H1 09/10 | H1 08/09 | Change |
+------------------------+------------------+------------------+--------------------+
| Payroll and staff | 13,152 | 9,903 | 33% |
| costs | | | |
+------------------------+------------------+------------------+--------------------+
| Warehousing | 9,609 | 7,165 | 34% |
+------------------------+------------------+------------------+--------------------+
| Marketing | 4,101 | 3,931 | 4% |
+------------------------+------------------+------------------+--------------------+
| Production | 960 | 725 | 32% |
+------------------------+------------------+------------------+--------------------+
| Other operating costs | 6,844 | 3,787 | 81% |
+------------------------+------------------+------------------+--------------------+
| Depreciation | 1,434 | 887 | 62% |
+------------------------+------------------+------------------+--------------------+
| Operating costs | 36,100 | 26,398 | 37% |
+------------------------+------------------+------------------+--------------------+
| % of sales | 37.4% | 40.2% | -280bps |
+------------------------+------------------+------------------+--------------------+
During the first half, we focused on controlling operating costs, resulting in
an increase in operating efficiency.
Our headcount at the end of the half year (excluding the logistics team which is
outsourced) totalled520 people up from 441 at the year end.
During the half year we upgraded the warehouse management systems at our
warehouse in Hemel Hempstead. The operating costs in the warehouse have
increased by 34% on the prior year but again delivered a greater productivity
ratio year on year. The operating cost ratio improved by 90 basis points to 10%
(2008/09: 10.9%).
Marketing costs were held broadly flat year on year, as management prioritised
the investment into the service elements of the business. A greater amount of
investment is anticipated in the second half as we look to further increase our
brand awareness domestically and Internationally.
There was also a rise in productivity relating to production costs (preparing,
photographing and managing the website images) during the half year as we
continued to expand the breadth and depth of our product offering.
Other costs include head office running costs, IT infrastructure and legal and
professional fees. The step change in these costs was down to a significant
investment in the IT function and infrastructure to support the core system
replacement programme and the development of the website. We do not expect this
rate of increase to be maintained for the remainder of the year.
Operating profit
Operating profit for the financial year increased by 14% over the half year to
GBP4.4 million and the operating margin declined to 4.5%, down from 5.8% in H1
2008/09. The gross margin dilution was partially offset by the operating cost
ratio improvement, resulting in an overall 130 basis points decrease at the
operating profit level.
The cash balance was broadly level year on the year at GBP8.7 million, (H1
2008/09: GBP8.9 million). The financial income derived on this cash balance was,
however, significantly lower than the prior year, as a result of lower
prevailing interest rates.
The effective rate of tax for the group was 28.2%, slightly above the UK
statutory corporation tax rate.
Earnings per share
Fully diluted earnings per share grew by 9% to 4.0p, up from 3.7p in H1 2008/09.
Capital expenditure
Capital expenditure during the half year amounted to GBP5.1 million, up from
GBP3.7 million in the prior year. The split of capital expenditure is set out
below:
+---------------------------+---------------------------+---------------------------+
| GBP'000 | H1 09/10 | H1 08/09 |
+---------------------------+---------------------------+---------------------------+
| IT | 2,955 | 1,107 |
+---------------------------+---------------------------+---------------------------+
| Warehouse | 1,571 | 2,364 |
+---------------------------+---------------------------+---------------------------+
| Office fixtures and | 529 | 225 |
| fit-out | | |
+---------------------------+---------------------------+---------------------------+
| Total | 5,055 | 3,696 |
+---------------------------+---------------------------+---------------------------+
The increase in capital expenditure is predominantly related to IT spend,
associated with the replacement and enhancement of the warehouse management
system, the merchandise planning system and our data centre.
We expect capital expenditure for the financial year to be approximately
GBP11 million.
Cash flow and net cash
The group continues to enjoy a strong, cash backed balance sheet, which is free
of significant long term liabilities and commitments. Major sources of cash
inflow in the first half were GBP5.8 million EBITDA and other creditors of
GBP1.1 million. In addition to the capital expenditure of GBP5.1 million, the
group continued to invest into the employee benefit trust (EBT), contributing
GBP0.5 million in the period.
The group cash balances were maintained at last year's level and reduced from
the year end by GBP4.9 million. This is due predominantly to a first half
working capital unwind, associated with the settlement of foreign value added
taxes (VAT). We expect cash balances to increase in the second half.
Dividend
Sustaining the levels of growth delivered to date has required and will continue
to require significant capital investment in the Company. The Board believes it
is in the best interests of shareholders to continue to exploit the significant
growth opportunities available to the business and consequently, does not
propose paying a dividend this year. This policy remains under constant review.
Nick Beighton
Finance Director
+----------------------------------------+--------------+--------------+--------------+
| Unaudited Consolidated Income | | | |
| Statement | | | |
+----------------------------------------+--------------+--------------+--------------+
| for the six months ended 30 September | | | |
| 2009 | | | |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| | 6 months to | 6 months to | 12 months to |
+----------------------------------------+--------------+--------------+--------------+
| | 30 September | 30 September | 31 March |
+----------------------------------------+--------------+--------------+--------------+
| | 2009 | 2008 | 2009 |
+----------------------------------------+--------------+--------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| Revenue | 96,503 | 65,706 | 165,395 |
+----------------------------------------+--------------+--------------+--------------+
| Cost of sales | (56,019) | (35,473) | (93,696) |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| Gross profit | 40,484 | 30,233 | 71,699 |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| Administration expenses | (36,100) | (26,397) | (57,764) |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| Operating profit | 4,384 | 3,836 | 13,935 |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| Share of losses from joint venture | (74) | - | (78) |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| Finance income | 93 | 216 | 268 |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| Profit before tax | 4,403 | 4,052 | 14,125 |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| Taxation | (1,243) | (1,150) | (4,116) |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| Profit for the period | 3,160 | 2,902 | 10,009 |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------+--------------+--------------+--------------+
| Earnings per Share | | | |
+----------------------------------------+--------------+--------------+--------------+
| Basic | 4.26p | 4.0p | 13.6p |
+----------------------------------------+--------------+--------------+--------------+
| Diluted | 4.02p | 3.7p | 12.8p |
+----------------------------------------+--------------+--------------+--------------+
+----------------------------------+------------+------------+------------+----------+----------+
| Unaudited Consolidated Statement of Changes | | | | |
| in Equity | | | | |
+-----------------------------------------------+------------+------------+----------+----------+
| for the six months ended 30 | | | | | |
| September 2009 | | | | | |
+----------------------------------+------------+------------+------------+----------+----------+
| | | | | | |
+----------------------------------+------------+------------+------------+----------+----------+
| | Share | Share | Retained | Treasury | Total |
| | capital | premium | earnings | shares | |
+----------------------------------+------------+------------+------------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+------------+------------+------------+----------+----------+
| Balance as at 1 April 2009 | 2,590 | 3,608 | 22,383 | (2,872) | 25,709 |
+----------------------------------+------------+------------+------------+----------+----------+
| Shares allotted in the period | 24 | 465 | - | - | 489 |
+----------------------------------+------------+------------+------------+----------+----------+
| Purchases of shares by Employee | - | - | - | (466) | (466) |
| Benefit Trust | | | | | |
+----------------------------------+------------+------------+------------+----------+----------+
| Share options charge | - | - | 109 | - | 109 |
+----------------------------------+------------+------------+------------+----------+----------+
| Profit for the period | - | - | 3,160 | - | 3,160 |
+----------------------------------+------------+------------+------------+----------+----------+
| | | | | | |
+----------------------------------+------------+------------+------------+----------+----------+
| Balance as at 30 September 2009 | 2,614 | 4,073 | 25,652 | (3,338) | 29,001 |
+----------------------------------+------------+------------+------------+----------+----------+
+-------------------------------------------------+------------+------------+----------+
| Unaudited Consolidated Balance Sheet | | | |
+-------------------------------------------------+------------+------------+----------+
| as at 30 September 2009 | | | |
+-------------------------------------------------+------------+------------+----------+
| | | | |
+-------------------------------------------------+------------+------------+----------+
| | 30 | 30 | 31 |
| | September | September | March |
+-------------------------------------------------+------------+------------+----------+
| | 2009 | 2008 | 2009 |
+-------------------------------------------------+------------+------------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------------------+------------+------------+----------+
| | | | |
+-------------------------------------------------+------------+------------+----------+
| Goodwill | 1,060 | 1,060 | 1,060 |
+-------------------------------------------------+------------+------------+----------+
| Property, plant and equipment | 15,198 | 8,398 | 11,578 |
+-------------------------------------------------+------------+------------+----------+
| Interest in joint venture | 165 | - | 162 |
+-------------------------------------------------+------------+------------+----------+
| Deferred tax asset | 3,073 | 2,550 | 3,562 |
+-------------------------------------------------+------------+------------+----------+
| Non current assets | 19,496 | 12,008 | 16,362 |
+-------------------------------------------------+------------+------------+----------+
| | | | |
+-------------------------------------------------+------------+------------+----------+
| | | | |
+-------------------------------------------------+------------+------------+----------+
| Inventories | 35,187 | 22,126 | 28,085 |
+-------------------------------------------------+------------+------------+----------+
| Trade and other receivables | 3,753 | 5,395 | 3,404 |
+-------------------------------------------------+------------+------------+----------+
| Cash and cash equivalents | 8,661 | 8,852 | 13,587 |
+-------------------------------------------------+------------+------------+----------+
| Current assets | 47,601 | 36,373 | 45,076 |
+-------------------------------------------------+------------+------------+----------+
| | | | |
+-------------------------------------------------+------------+------------+----------+
| Current liabilities | (37,341) | (29,192) | (34,135) |
+-------------------------------------------------+------------+------------+----------+
| Current tax liabilities | (755) | (838) | (1,594) |
+-------------------------------------------------+------------+------------+----------+
| | | | |
+-------------------------------------------------+------------+------------+----------+
| Net current assets | 9,505 | 6,343 | 9,347 |
+-------------------------------------------------+------------+------------+----------+
| Provisions for other liabilities and charges | - | (636) | - |
+-------------------------------------------------+------------+------------+----------+
| | | | |
+-------------------------------------------------+------------+------------+----------+
| Net assets | 29,001 | 17,715 | 25,709 |
+-------------------------------------------------+------------+------------+----------+
| | | | |
+-------------------------------------------------+------------+------------+----------+
| | | | |
+-------------------------------------------------+------------+------------+----------+
| Called up share capital | 2,614 | 2,581 | 2,590 |
+-------------------------------------------------+------------+------------+----------+
| Share premium | 4,073 | 3,536 | 3,608 |
+-------------------------------------------------+------------+------------+----------+
| Treasury shares | (3,338) | (2,420) | (2,872) |
+-------------------------------------------------+------------+------------+----------+
| Retained earnings | 25,652 | 14,018 | 22,383 |
+-------------------------------------------------+------------+------------+----------+
| | | | |
+-------------------------------------------------+------------+------------+----------+
| Total equity | 29,001 | 17,715 | 25,709 |
+-------------------------------------------------+------------+------------+----------+
| | | | |
+-------------------------------------------------+------------+------------+----------+
+-------------------------------------------------+------------+------------+------------+
| Unaudited Consolidated Cash Flow Statement | | | |
+-------------------------------------------------+------------+------------+------------+
| for the six months ended 30 September 2009 | | | |
+-------------------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------------------+------------+------------+------------+
| | 6 months | 6 months | 12 months |
| | to | to | to |
+-------------------------------------------------+------------+------------+------------+
| | 30 | 30 | 31 March |
| | September | September | |
+-------------------------------------------------+------------+------------+------------+
| | 2009 | 2008 | 2009 |
+-------------------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------------------+------------+------------+------------+
| Cash generated from operations | 1,683 | 4,324 | 16,199 |
+-------------------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------------------+------------+------------+------------+
| Taxation paid | (1,592) | (1,081) | (3,158) |
+-------------------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------------------+------------+------------+------------+
| Net cash inflow from returns on investment and | 93 | 216 | 268 |
| servicing of finance | | | |
+-------------------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------------------+------------+------------+------------+
| Net cash from investing activities | (5,133) | (3,696) | (8,440) |
+-------------------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------------------+------------+------------+------------+
| Net cash from financing activities | 23 | (1,280) | (1,651) |
+-------------------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------------------+------------+------------+------------+
| Net (decrease)/increase in cash and cash | (4,926) | (1,517) | 3,218 |
| equivalents | | | |
+-------------------------------------------------+------------+------------+------------+
+---------------------------------------------------+------------+------------+------------+
| Notes to the Financial Statements | | | |
+---------------------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------------------+------------+------------+------------+
| 1. The interim accounts for the six months ended 30 September 2009 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 2008 has not been |
| audited but has been extracted from the IFRS compliant financial statements for the |
| twelve months ended 31 March 2009.The auditors gave an unqualified report on these |
| results. A copy of those financial statements have been filed with the registrar of |
| companies. |
+ +
| | |
+ +---------------------------------------------------+
| | |
+ +---------------------------------------------------+
| | |
+ +---------------------------------------------------+
| | |
+------------------------------------------------------------------------------------------+---------------------------------------------------+
| | | | |
+---------------------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------------------+------------+------------+------------+
| 2. Segmental analysis | | | |
+---------------------------------------------------+------------+------------+------------+
| | 6 months | 6 months | 12 months |
| | to | to | to |
+---------------------------------------------------+------------+------------+------------+
| | 30 | 30 | 31 March |
| | September | September | |
+---------------------------------------------------+------------+------------+------------+
| | 2009 | 2008 | 2009 |
+---------------------------------------------------+------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------------------+------------+------------+------------+
| Geographical analysis of revenue: | | | |
+---------------------------------------------------+------------+------------+------------+
| UK | 72,491 | 54,356 | 133,165 |
+---------------------------------------------------+------------+------------+------------+
| International | 24,012 | 11,350 | 32,230 |
+---------------------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------------------+------------+------------+------------+
| Gross revenues | 96,503 | 65,706 | 165,395 |
+---------------------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------------------+------------+------------+------------+
| Revenue consists primarily of internet and advertising sales as well as postage and |
| packaging receipts. Revenue is recorded net of returns, relevant vouchers and value |
| added tax when the significant risks and rewards of ownership have been transferred to |
| the buyer. |
+ +
| | |
+ +---------------------------------------------------+
| | |
+------------------------------------------------------------------------------------------+---------------------------------------------------+
| | | | |
+---------------------------------------------------+------------+------------+------------+
| 3. Earnings per share | | | |
+---------------------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------------------+------------+------------+------------+
| The calculation of earnings per share is based on | | | |
| the following: | | | |
+---------------------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------------------+------------+------------+------------+
| | 6 month to | 6 month to | 12 month |
| | 30 | 30 | to 31 |
| | September | September | March 2009 |
| | 2009 | 2008 | |
+---------------------------------------------------+------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------------------+------------+------------+------------+
| Profit attributable to shareholders | 3,160 | 2,902 | 10,009 |
+---------------------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------------------+------------+------------+------------+
| Weighted average number of shares | | | |
+---------------------------------------------------+------------+------------+------------+
| For basic earnings per share | 74,139,725 | 73,434,444 | 73,635,398 |
+---------------------------------------------------+------------+------------+------------+
| For diluted earnings per share | 78,571,605 | 78,639,912 | 78,144,164 |
+---------------------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------------------+------------+------------+------------+
| | | | |
+---------------------------------------------------+------------+------------+------------+
| 4. The interim report will be posted to all shareholders of the Company and copies will |
| be available upon application to ASOS Plc, Greater London House, Hampstead Road, London, |
| NW1 7FB |
+ +
| | |
+---------------------------------------------------+------------+------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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