TIDMASC
RNS Number : 7447V
ASOS PLC
08 November 2010
ASOS plc ("Group")
Leading online fashion store
Interim Results for the 6 months ended 30 September 2010
"International Spearheading Growth"
Summary results table
+-------------------+--------------+--------------+------------+
| GBP'000s | H1 2010/11 | H1 2009/10 | Change |
+-------------------+--------------+--------------+------------+
| Retail sales | 131,409 | 87,657 | 50% |
+-------------------+--------------+--------------+------------+
| UK retail sales | 82,438 | 65,356 | 26% |
+-------------------+--------------+--------------+------------+
| International | 48,971 | 22,301 | 120% |
| retail sales | | | |
+-------------------+--------------+--------------+------------+
| Group revenues* | 139,656 | 96,503 | 45% |
+-------------------+--------------+--------------+------------+
| Gross profit | 57,870 | 40,484 | 43% |
+-------------------+--------------+--------------+------------+
| Gross margin | 41.4% | 42.0% | -60bps |
+-------------------+--------------+--------------+------------+
| Retail gross | 47.4% | 44.6% | +280bps |
| margin | | | |
+-------------------+--------------+--------------+------------+
| Operating profit | 7,049 | 4,384 | 61% |
+-------------------+--------------+--------------+------------+
| Profit before tax | 7,003 | 4,403 | 59% |
| (PBT) | | | |
+-------------------+--------------+--------------+------------+
| Earnings per | 6.5p | 4.0p | 63% |
| share (diluted) | | | |
+-------------------+--------------+--------------+------------+
| Net cash | 4,015 | 8,661 | -54% |
+-------------------+--------------+--------------+------------+
*Includes retail sales, postage and packaging (P&P) income and 3rd party
revenues
H1 Highlights:
· Retail sales up 50%
· UK retail sales +26%, International retail sales +120%
· International retail sales account for 37% of total retail sales (25% LY)
· Retail gross margin ahead of prior year (47.4% vs 44.6%)
· Profit before tax GBP7m (+59%)
· US website launched with initial trends in line with expectations
Since period end and outlook:
· Investment in stock levels to support continued strong growth
· ASOS Mobile launched 14th October
· French and German websites launched 28th October
· ASOS Marketplace and ASOS Fashion Finder launches imminent
· New warehouse in Barnsley on track for commissioning in Spring 2011
· Expect full year results to be in line with market expectations
Nick Robertson, CEO, commented:
"I am pleased to report a strong set of results for the first half with both our
UK and International businesses performing well. Since the period end we have
launched our French and German websites which, coupled with our US site launch
in September, are all key milestones in our International expansion programme.
Our retail margin recovered strongly over the period (+280 bps) and our profit
before tax increased 59% to GBP7m.
In anticipation of continued strong growth, we have maintained our programme of
investment, specifically around resource, logistics and our technical
capabilities.
As we head into the important Q3 trading period, we remain positive about the
outlook for the second half and expect our full year results to be in line with
market expectations".
8 November 2010
For further information:
+----------------------------------------------+-------------------+
| ASOS plc | |
+----------------------------------------------+-------------------+
| Nick Robertson, Chief Executive | Tel: 020 7756 |
| | 1017 |
+----------------------------------------------+-------------------+
| Nick Beighton, Finance Director | |
+----------------------------------------------+-------------------+
| Website: www.asos.com | |
+----------------------------------------------+-------------------+
| | |
+----------------------------------------------+-------------------+
| College Hill | |
+----------------------------------------------+-------------------+
| Matthew Smallwood / Justine Warren / Jamie | Tel: 020 7457 |
| Ramsay | 2020 |
+----------------------------------------------+-------------------+
| | |
+----------------------------------------------+-------------------+
| JPMorgan Cazenove | |
+----------------------------------------------+-------------------+
| Luke Bordewich / Gina Gibson | Tel: 020 7588 |
| | 2828 |
+----------------------------------------------+-------------------+
| | |
+----------------------------------------------+-------------------+
| Numis Securities | |
+----------------------------------------------+-------------------+
| Alex Ham | Tel: 020 7260 |
| | 1000 |
+----------------------------------------------+-------------------+
Background note
ASOS.com is an international independent online fashion and beauty retailer and
offers over 40,000 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 9
million unique visitors a month and as at 30 September 2010 had 4.3 million
registered users and 2.4 million active customers (defined as having shopped in
the last 12 months).
www.asos.com
www.us.asos.com
www.asos.de
www.asos.fr
m.asos.com
ASOS plc ("the Group")
Leading online fashion store
Interim Results for the 6 months ended 30 September 2010
Chief Executive's Review
Summary
We have had another good first half with Group retail sales 50% ahead (against
49% growth in H1 2009/10), International retail sales 120% ahead and UK retail
sales 26% ahead over the period. International now accounts for 37% of our
retail sales, up from 25% last year. The period was characterised by an
improvement in our retail gross margin of 280bps and tight cost control
resulting in an increase in our profit before tax of 59% to GBP7 million.
We launched our first stand alone international site in September 2010 in the US
and have since launched both our French and German local sites. Order fulfilment
for these countries and the other 163 countries we currently ship to is being
handled from our distribution centre in the UK. Since the end of the reporting
period, we have added 29 additional countries and we now ship to 195 countries.
Key performance indicators
All the key metrics illustrate our continued strong performance. Average basket
value is up by 9%, average selling price is up 11%, visits are up 65% and the
number of active customers is up 33%. The average units per basket is
marginally down (-2%) driven by the introduction of our free delivery
proposition in the UK and US. Customers are therefore no longer having to bulk
up their orders to qualify for a free delivery threshold.
+------------------+----------+-----------+----------+-----------+---------------+----------+
| KPI's H1 2010/11 | UK | US | EU | RoW | International | Group |
| | | | | | | |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Average basket | GBP63.39 | GBP62.81 | GBP78.34 | GBP101.24 | GBP80.48 | GBP67.59 |
| value (GBP, inc. | | | | | | |
| VAT) | | | | | | |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Growth in % | 7% | -3% | 6% | 33% | 10% | 9% |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Average units | 2.56 | 2.56 | 3.28 | 4.28 | 3.37 | 2.76 |
| per basket | | | | | | |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Growth in % | -5% | -12% | -2% | 22% | 1% | -2% |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Average selling | GBP24.73 | GBP24.51 | GBP23.90 | GBP23.68 | GBP23.91 | GBP24.49 |
| price per unit | | | | | | |
| (GBP, inc. VAT) | | | | | | |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Growth in % | 12% | 11% | 8% | 9% | 9% | 11% |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Number of orders | 2,390 | 119 | 506 | 153 | 778 | 3,168 |
| ('000) | | | | | | |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Growth in % | 33% | 272% | 67% | 181% | 100% | 45% |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Unique visitors* | | | | | | 9.3 |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Growth in % | | | | | | 65% |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| | | | | | | |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Total visits (in | 11.6 | 1.8 | 5.8 | 3.0 | 10.6 | 22.2 |
| million)* | | | | | | |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Growth in % | 35% | 210% | 94% | 126% | 117% | 65% |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Active customers | 1.8 | 0.1 | 0.4 | 0.1 | 0.6 | 2.4 |
| (12 months, in | | | | | | |
| million)** | | | | | | |
+------------------+----------+-----------+----------+-----------+---------------+----------+
| Growth in % | 20% | 215% | 62% | 175% | 93% | 33% |
+------------------+----------+-----------+----------+-----------+---------------+----------+
* During September 2010
**As at 30 September 2010
Business review
The business is undergoing a transformation as we focus our efforts and resource
on our international expansion. Our customer base is now a global pool of
fashion followers in their 20's, as opposed to a UK only pool. The UK represents
approximately 3-5% of global internet traffic.
We now have dedicated websites in four main markets (UK, US, France and Germany)
and we are increasing our activity in a number of other markets including
Australia, Ireland, Denmark and Russia.
According to Comscore, an international traffic measurement tool, we already
have significant traction in a number of our markets. In Australia and Ireland
we are already No. 1 and in Denmark we are the No. 2 player. Moreover, over the
last 15 months, we have significantly improved our rankings in the US, France
and Germany. Initial trends following the launch of our US website are
encouraging. Conversion rates are in line with our expectations and initial
trends indicate a positive take-up of the ASOS own label range.
We plan a centralised operation with responsibility for all key business
functions staying in the UK. Where required, specifically in certain areas of
product, local marketing and returns, small in-country teams or third party
providers will be used. This gives us the speed and flexibility to establish
ASOS quickly but also, importantly, retain central control as we expand. All
the teams in the UK are being enhanced to include territory specific
responsibilities with foreign nationals where appropriate. We appointed 197 new
employees in the first half (April - Sept 2010) taking our total headcount to
1161 (inclusive of our Unipart warehouse staff).
Key to the success of our international expansion is the Barnsley warehouse
project and I am pleased to report that this project is on schedule for
commissioning in Spring 2011. This will have an initial sales capacity of GBP600
million. Fully fitted, it will give us capacity for over GBP1 billion of sales.
Our technology platform is also key to our future expansion plans and we are
currently undertaking a number of key projects to support the back-office,
international sites, capacity and resilience. We are also investing in a new
Buying and Merchandising system, to be introduced in 3 stages and fully
implemented by May 2011.
Since the period end ASOS also went 'mobile'. Visits to ASOS via mobile devices
have doubled since January 2010 and now account for 3% of all ASOS traffic. Our
mobile site has been designed to work across all mobile devices including
Blackberry, Symbian, Android and iPhone operating systems.
During the
period we further improved our service proposition in the UK by allowing
customers to return their items to any of the 3,500 Collect+ convenience stores
across the country. This service has proved very popular and already accounts
for a significant percentage of our returns traffic.
Outlook
As a business we remain positive about the outlook for the second half of the
financial year and beyond. Our customers are now global customers, not just UK
customers and our internet model is well positioned to be able to access the
opportunity quickly and economically.
Softer comparatives in the UK coupled with our strong international growth,
adequate stock levels and well managed costs should all lead to performance in
the second half being ahead year-on-year and in line with market expectations.
ASOS is also embarking on a new journey, from online store (albeit a big one) to
a global fashion destination. The purpose of this is to drive incremental
traffic and therefore extra sales through the ASOS website. To support this,
two new initiatives, ASOS Marketplace and ASOS Fashion Finder will be launching
this calendar year. Marketplace is a new platform allowing small boutiques,
independent designers and ASOS customers to showcase and sell their fashion
product to all ASOS visitors. The second initiative, Fashion Finder, is also a
new platform that will enable us to present great fashion to our customers from
brands that we might not necessarily sell, but which we believe our customers
will appreciate. Both of these will give customers even more reason to visit
ASOS and to allow us to monetise areas of the fashion internet not previously
available to us.
Finance Director's Review
The Group made excellent progress in delivering on its strategy during the half
year ended 30 September 2010. Group revenues increased by 45% over the previous
year. Our financial focus is firmly anchored in maximising cash profit and
leveraging our asset base in order to drive high returns on invested capital.
Accordingly, we continued to invest in our customer proposition, resources,
infrastructure and systems.
Revenues
The Group derives its revenues through retail sales, delivery receipts and third
party revenues. Retail sales are the principal income stream from the sale of
product. Third party revenues are mainly comprised of advertising revenues from
the website and ASOS magazine. An analysis of our revenues by channel and by
geographical segment is shown below:
+----------+---------+--------+---------+---------+---------------+----------+
| GBP'000s | UK | US | EU | RoW | International | Group |
| | | | | | | |
+----------+---------+--------+---------+---------+---------------+----------+
| Retail | 82,438 | 6,564 | 28,056 | 14,351 | 48,971 | 131,409 |
| sales | | | | | | |
+----------+---------+--------+---------+---------+---------------+----------+
| Growth | 26% | 246% | 71% | 261% | 120% | 50% |
| in % | | | | | | |
+----------+---------+--------+---------+---------+---------------+----------+
| Delivery | 3,193 | 358 | 1,778 | 1,455 | 3,591 | 6,784 |
| receipts | | | | | | |
+----------+---------+--------+---------+---------+---------------+----------+
| Growth | -49% | 310% | 45% | 264% | 110% | -15% |
| in % | | | | | | |
+----------+---------+--------+---------+---------+---------------+----------+
| Third | 1,463 | - | - | - | - | 1,463 |
| party | | | | | | |
| revenues | | | | | | |
+----------+---------+--------+---------+---------+---------------+----------+
| Growth | 62% | - | - | - | - | 62% |
| in % | | | | | | |
+----------+---------+--------+---------+---------+---------------+----------+
| Group | 87,094 | 6,922 | 29,834 | 15,806 | 52,562 | 139,656 |
| revenues | | | | | | |
+----------+---------+--------+---------+---------+---------------+----------+
| Growth | 20% | 249% | 69% | 262% | 119% | 45% |
| in % | | | | | | |
+----------+---------+--------+---------+---------+---------------+----------+
Total retail sales grew by 50%, with continued strong growth in the UK, up 26%
and exceptional growth in our international markets, up 120% on the previous
year. Within that we are pleased to note that the Rest of World segment (boosted
by Australia) and the US segment posted the highest growth rates.
Delivery receipts amounted to GBP6.8 million, a reduction of 15% on the previous
year. This reduction in our delivery receipts reflects the substantial
investment in our delivery proposition, such as free delivery options,
particularly in the UK made during the last 12 months.
Third party revenues grew 62% during the period.
Gross profit
The Group gross profit increased 43% and was boosted by the strong growth from
higher margin territories. Gross profit in the UK grew by 18% on the previous
year to GBP35.4 million while International gross profit grew by 113% to GBP22.5
million. The analysis of the gross profit by geographical segments is set out
below.
+-----------------+---------+--------+---------+---------+---------------+---------+
| GBP'000s | UK | US | EU | RoW | International | Group |
+-----------------+---------+--------+---------+---------+---------------+---------+
| Gross profit | 35,413 | 3,055 | 12,417 | 6,985 | 22,457 | 57,870 |
+-----------------+---------+--------+---------+---------+---------------+---------+
| Growth in % | 18% | 238% | 62% | 254% | 113% | 43% |
+-----------------+---------+--------+---------+---------+---------------+---------+
| Gross margin | 40.7% | 44.1% | 41.6% | 44.2% | 42.7% | 41.4% |
+-----------------+---------+--------+---------+---------+---------------+---------+
| Retail gross | 45.8% | 57.2% | 48.4% | 50.2% | 50.1% | 47.4% |
| margin | | | | | | |
+-----------------+---------+--------+---------+---------+---------------+---------+
| Change | 240bps | 265bps | 180bps | -255bps | 175bps | 280bps |
+-----------------+---------+--------+---------+---------+---------------+---------+
The Group retail margin increased by 280 basis points from 44.6% to 47.4%. The
increase in retail margin resulted from further buying gains and a reduction in
markdown spend. We expect continued buying gains in the second half which we
anticipate will offset the cost increases from labour and raw material
inflation.
The total gross margin was diluted as a result of the investment in our delivery
proposition, reducing our gross profit by GBP5.8 million in the first half. The
total gross margin amounted to 41.4%, a reduction of 60 basis points on the
prior year and in line with guidance.
Investment in our operating resources
The Group increased its investment in its operating resources and capability by
41% to GBP50.8 million. This investment was achieved along with increased
productivity. The Group's operating cost ratio improved by 100 basis points
from 37.4% to 36.4%. The table below details the operating costs incurred by the
Group.
+--------------------+--------------+--------------+----------------+
| GBP'000s | H1 10/11 | H1 09/10 | Change |
+--------------------+--------------+--------------+----------------+
| Payroll and staff | 17,857 | 13,152 | 36% |
| costs | | | |
+--------------------+--------------+--------------+----------------+
| Warehousing | 10,982 | 9,609 | 14% |
+--------------------+--------------+--------------+----------------+
| Marketing | 7,851 | 4,101 | 91% |
+--------------------+--------------+--------------+----------------+
| Production | 1,260 | 960 | 31% |
+--------------------+--------------+--------------+----------------+
| Technology costs | 2,682 | 1,595 | 68% |
+--------------------+--------------+--------------+----------------+
| Other operating | 7,953 | 5,249 | 52% |
| costs | | | |
+--------------------+--------------+--------------+----------------+
| Depreciation | 2,236 | 1,434 | 56% |
+--------------------+--------------+--------------+----------------+
| Operating costs | 50,821 | 36,100 | 41% |
+--------------------+--------------+--------------+----------------+
| % of sales | 36.4% | 37.4% | -100 bps |
+--------------------+--------------+--------------+----------------+
The operating leverage delivered by the Group has again strengthened the
underlying operating and financial performance. Our warehouse costs were GBP11.0
million, down from 10% of sales in H1 2009/10 to 7.9% during the reporting
period. This was delivered through the benefits of greater scale and continued
productivity gains.
Payroll and staff costs increased by 36%, thereby delivering further operating
cost improvement. The main increases in our headcount were in our international,
technology and retail teams.
The operational cost improvements delivered during the period were partly
re-invested in increased marketing expenditure both in the UK and
internationally to drive higher customer awareness.
Technology costs increased by 68% year on year principally down to the support
for the wider technology footprint now deployed by the Group and from
investments made to deliver faster more reliable website performance for our
global customers.
Other operating costs include the day to day running of head office, credit card
handling fees, legal and professional fees. The primary driver of the cost
increases during the half relates to International translation services.
Operating profit
Operating profit during the half increased by 61% to GBP7.0 million. The
operating margin improved from 4.5% to 5.0%. The gross margin dilution of 60
basis points was therefore more than fully offset by an enhancement in the
operating cost ratio.
Finance income and taxation
Finance income was substantially lower as a result of the lower prevailing
interest rates and the reduction in the net cash position.
Earnings per share
Diluted earnings per share increased by 63% to 6.5p per share (2009: 4.0p). The
increase in the diluted and basic earnings per share reflects the increase in
underlying profitability.
Investment in our infrastructure
Our capital investment has continued to focus around delivering new innovation
to our customers and the enhancement of our core operating systems and
infrastructure.
We have commenced the fit out programme for our new warehouse in Barnsley. This
accounted for GBP1 million of capital expenditure in the first half.
The Barnsley warehouse programme is progressing to its planned timescales and
development costs. We expect the new warehouse to be operational in Spring
2011. The new warehousing facility will initially give the business operating
capacity of GBP600 million of sales. Our capital expenditure forecast in
relation to the new facility remains unchanged for the next three years, being
GBP20 million during this financial year, with further expenditure of GBP13
million in 2011/12 and GBP6 million in 2012/13. These additional investments
are dependent on future business growth and will enable the new facility to
deliver sales processing capacity of over GBP1 billion.
In relation to this transition we estimate dual running costs that could be
incurred of c.GBP2-3 million in the balance of the financial year, which will be
treated as continuing operational costs. In addition, there may also be
exceptional operating costs in relation to set-up costs and non-cash write-offs
of not more than GBP12 million in this financial year.
Cash flow and balance sheet
The Group has a strong cash backed balance sheet which is free from long term
encumbrances and liabilities. Net assets increased by 92% to GBP58.3 million.
(2009: GBP30.4m). The Group cash balance was GBP4.0 million as at the 30th
September 2010. The summary cash flow is detailed below.
+-------------+----------+---------+
| GBP'000s | H1 | H1 |
| | 10/11 | 09/10 |
+-------------+----------+---------+
| EBITDA | 9,278 | 5,819 |
+-------------+----------+---------+
| Working | (14,647) | (5,655) |
| capital | | |
+-------------+----------+---------+
| Capital | (5,106) | (5,055) |
| expenditure | | |
+-------------+----------+---------+
| Taxation | (2,430) | (1,592) |
+-------------+----------+---------+
| Investment | (302) | (466) |
| in EBT | | |
+-------------+----------+---------+
| Other | 1,577 | 2,023 |
+-------------+----------+---------+
| Total | (11,630) | (4,926) |
+-------------+----------+---------+
Operating cash flow of GBP9.3 million (up 59% on the previous year) was offset
by the working capital outflow of GBP14.6 million. This increased working
capital requirement was a result of the enhanced levels of stock in preparation
for the future growth of the business. The capital expenditure was broadly
consistent with the prior year.
Our investments are funded by operating cash flows, with additional short term
facilities to support the working capital movement and the planned capital
expenditure by the Group. Currently the Group has committed facilities of up to
GBP20 million.
Dividend
The Board is of the opinion that shareholder's interests are best served by
continuing to reinvest the cash generated by the business to exploit the
substantial growth opportunities both in the UK and Internationally.
Accordingly, it has proposed not paying a dividend this half year. This policy
remains under regular review.
Unaudited Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2010
+-------------------------------+--+----------+----------+----------+-----------+
| | | | 6mths | 6mths | 12 |
| | | | to | to | mths |
| | | | | | to |
+-------------------------------+--+----------+----------+----------+-----------+
| | | | 30 | 30 | 31 Mar |
| | | | Sept | Sept | |
| | | | 2010 | 2009 | 2010 |
+-------------------------------+--+----------+----------+----------+-----------+
| | | | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------+--+----------+----------+----------+-----------+
| | | | | | |
+-------------------------------+--+----------+----------+----------+-----------+
| Revenue | | | 139,656 | 96,503 | 222,999 |
+-------------------------------+--+----------+----------+----------+-----------+
| Cost of sales | | | (81,786) | (56,019) | (129,863) |
+-------------------------------+--+----------+----------+----------+-----------+
| | | | | | |
+-------------------------------+--+----------+----------+----------+-----------+
| Gross profit | | | 57,870 | 40,484 | 93,136 |
+-------------------------------+--+----------+----------+----------+-----------+
| | | | | | |
+-------------------------------+--+----------+----------+----------+-----------+
| Administrative expenses | | | (50,821) | (36,100) | (72,825) |
+-------------------------------+--+----------+----------+----------+-----------+
| | | | | | |
+-------------------------------+--+----------+----------+----------+-----------+
| Operating profit | | | 7,049 | 4,384 | 20,311 |
+-------------------------------+--+----------+----------+----------+-----------+
| | | | | | |
+-------------------------------+--+----------+----------+----------+-----------+
| Share of post tax losses of | | | (50) | (74) | (69) |
| joint venture | | | | | |
+-------------------------------+--+----------+----------+----------+-----------+
| | | | | | |
+-------------------------------+--+----------+----------+----------+-----------+
| Finance income | | | 4 | 93 | 97 |
+-------------------------------+--+----------+----------+----------+-----------+
| | | | | | |
+-------------------------------+--+----------+----------+----------+-----------+
| Profit before tax | | | 7,003 | 4,403 | 20,339 |
+-------------------------------+--+----------+----------+----------+-----------+
| | | | | | |
+-------------------------------+--+----------+----------+----------+-----------+
| Income tax expense | | | (1,973) | (1,243) | (5,759) |
+-------------------------------+--+----------+----------+----------+-----------+
| | | | | | |
+-------------------------------+--+----------+----------+----------+-----------+
| Total comprehensive income attributable to | 5,030 | 3,160 | 14,580 |
| owners of the parent | | | |
+---------------------------------------------+----------+----------+-----------+
| | | | | | |
+-------------------------------+--+----------+----------+----------+-----------+
| | | | | | |
| | | | | | |
| Earnings per share | | | | | |
+-------------------------------+--+----------+----------+----------+-----------+
| | | | | | |
+-------------------------------+--+----------+----------+----------+-----------+
| Basic | | | 6.8p | 4.3p | 20.0p |
+-------------------------------+--+----------+----------+----------+-----------+
| Diluted | | | 6.5p | 4.0p | 18.7p |
+-------------------------------+--+----------+----------+----------+-----------+
Unaudited Consolidated Statement of Changes in Equity
For the six months ended 30 September 2010
+--------------------+---------+---------+--+----------+----+------+---+-----+----+-----+----+-----+---------+--------------+
| | | | | | | | | |
+----------------------------------------+--+----------+-----------+---------+----------+----------+---------+--------------+
| | Share | Share | Hedging reserve | Employee | Retained | Total | |
| | capital | premium | | Benefit | earnings | | |
| | | | | Trust | | | |
| | | | | reserve | | | |
+--------------------+---------+---------+------------------+----------+----------+----------+------------------------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | |
+--------------------+---------+---------+------------------+----------+----------+----------+------------------------------+
| | | | | | | | |
+--------------------+---------+---------+------------------+----------+----------+----------+------------------------------+
| Balance as at 1 | 2,617 | 4,138 | - | (3,197) | 41,920 | 45,478 | |
| April 2010 | | | | | | | |
+--------------------+---------+---------+------------------+----------+----------+----------+------------------------------+
| Shares allotted in | 31 | 661 | - | - | - | 692 | |
| the period | | | | | | | |
+--------------------+---------+---------+------------------+----------+----------+----------+------------------------------+
| Purchase of shares | - | - | - | (302) | - | (302) | |
| by Employee | | | | | | | |
| Benefit Trust | | | | | | | |
+--------------------+---------+---------+------------------+----------+----------+----------+------------------------------+
| Employee share | - | - | - | 1,310 | (429) | 881 | |
| schemes | | | | | | | |
+--------------------+---------+---------+------------------+----------+----------+----------+------------------------------+
| Deferred tax on | - | - | - | - | 6,380 | 6,380 | |
| share options | | | | | | | |
+--------------------+---------+---------+------------------+----------+----------+----------+------------------------------+
| Current tax on | - | - | - | - | 112 | 112 | |
| items taken to | | | | | | | |
| equity | | | | | | | |
+--------------------+---------+---------+------------------+----------+----------+----------+------------------------------+
| Derivative | - | - | 57 | - | - | 57 | |
| financial assets | | | | | | | |
+--------------------+---------+---------+------------------+----------+----------+----------+------------------------------+
| Total | - | - | - | - | 5,030 | 5,030 | |
| comprehensive | | | | | | | |
| income | | | | | | | |
+--------------------+---------+---------+------------------+----------+----------+----------+------------------------------+
| Balance as at 30 | 2,648 | 4,799 | 57 | (2,189) | 53,013 | 58,328 | |
| September 2010 | | | | | | | |
+--------------------+---------+---------+------------------+----------+----------+----------+------------------------------+
| | | | | | | | | | | | | | | |
+--------------------+---------+---------+--+----------+----+------+---+-----+----+-----+----+-----+---------+--------------+
Unaudited Consolidated Statement of Financial Position
As at 30 September 2010
+--------------------------+---------+----------+----------+----------+
| | | | |
+--------------------------+--------------------+----------+----------+
| | | 30 | 30 | 31 Mar |
| | | Sept | Sept | |
| | | 2010 | 2009 | 2010 |
+--------------------------+---------+----------+----------+----------+
| | | | GBP'000 | GBP'000 |
| | | GBP'000 | | |
+--------------------------+---------+----------+----------+----------+
| Non-current assets | | | | |
+--------------------------+---------+----------+----------+----------+
| Goodwill | | 1,060 | 1,060 | 1,060 |
+--------------------------+---------+----------+----------+----------+
| Other intangible assets | | 6,208 | 1,977 | 3,918 |
+--------------------------+---------+----------+----------+----------+
| Property, plant and | | 13,363 | 13,221 | 12,777 |
| equipment | | | | |
+--------------------------+---------+----------+----------+----------+
| Interest in joint | | 103 | 165 | 153 |
| venture | | | | |
+--------------------------+---------+----------+----------+----------+
| Deferred tax asset | | 12,482 | 3,073 | 6,636 |
+--------------------------+---------+----------+----------+----------+
| | | 33,216 | 19,496 | 24,544 |
+--------------------------+---------+----------+----------+----------+
| | | | | |
+--------------------------+---------+----------+----------+----------+
| Current assets | | | | |
+--------------------------+---------+----------+----------+----------+
| Inventories | | 64,459 | 35,187 | 37,728 |
+--------------------------+---------+----------+----------+----------+
| Trade and other | | 11,049 | 3,753 | 4,835 |
| receivables | | | | |
+--------------------------+---------+----------+----------+----------+
| Derivative financial | | 57 | - | 18 |
| assets | | | | |
+--------------------------+---------+----------+----------+----------+
| Cash and cash | | 4,015 | 8,661 | 15,645 |
| equivalents | | | | |
+--------------------------+---------+----------+----------+----------+
| | | 79,580 | 47,601 | 58,226 |
+--------------------------+---------+----------+----------+----------+
| | | | | |
+--------------------------+---------+----------+----------+----------+
| | | | | |
+--------------------------+---------+----------+----------+----------+
| Current liabilities | | | | |
+--------------------------+---------+----------+----------+----------+
| Trade and other payables | | (53,119) | (35,931) | (34,839) |
+--------------------------+---------+----------+----------+----------+
| Current tax liabilities | | (1,349) | (755) | (2,453) |
+--------------------------+---------+----------+----------+----------+
| | | (54,468) | (36,686) | (37,292) |
+--------------------------+---------+----------+----------+----------+
| | | | | |
+--------------------------+---------+----------+----------+----------+
| Net current assets | | 25,112 | 10,915 | 20,934 |
+--------------------------+---------+----------+----------+----------+
| | | | | |
+--------------------------+---------+----------+----------+----------+
| Net assets | | 58,328 | 30,411 | 45,478 |
+--------------------------+---------+----------+----------+----------+
| | | | | |
+--------------------------+---------+----------+----------+----------+
| | | | | |
+--------------------------+---------+----------+----------+----------+
| Equity | | | | |
+--------------------------+---------+----------+----------+----------+
| Called up share capital | | 2,648 | 2,614 | 2,617 |
+--------------------------+---------+----------+----------+----------+
| Share premium | | 4,799 | 4,073 | 4,138 |
+--------------------------+---------+----------+----------+----------+
| Hedging reserve | | 57 | - | - |
+--------------------------+---------+----------+----------+----------+
| Employee Benefit Trust | | (2,189) | (3,338) | (3,197) |
| reserve | | | | |
+--------------------------+---------+----------+----------+----------+
| Retained earnings | | 53,013 | 27,062 | 41,920 |
+--------------------------+---------+----------+----------+----------+
| | | | | |
+--------------------------+---------+----------+----------+----------+
| Total equity | | 58,328 | 30,411 | 45,478 |
+--------------------------+---------+----------+----------+----------+
| | | | | |
+--------------------------+---------+----------+----------+----------+
Unaudited Consolidated Cash Flow Statement
For the six months ended 30 September 2010
+-----------------------------------+-----------+---------+---------+
| | 6mths | 6mths | 12 |
| | to | to | mths |
| | | | to |
+-----------------------------------+-----------+---------+---------+
| | 30 Sept | 30 Sept | 31 Mar |
| | 2010 | 2009 | 2010 |
+-----------------------------------+-----------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------+-----------+---------+---------+
| | | | |
+-----------------------------------+-----------+---------+---------+
| Operating profit | 7,049 | 4,384 | 20,311 |
+-----------------------------------+-----------+---------+---------+
| Adjusted for: | | | |
+-----------------------------------+-----------+---------+---------+
| Deprecation of property, plant | 1,804 | 1,357 | 3,103 |
| and equipment | | | |
+-----------------------------------+-----------+---------+---------+
| Amortisation of other intangible | 425 | 78 | 219 |
| assets | | | |
+-----------------------------------+-----------+---------+---------+
| Increase in inventories | (26,731) | (7,102) | (9,643) |
+-----------------------------------+-----------+---------+---------+
| Increase in trade and other | (6,196) | (349) | (1,449) |
| receivables | | | |
+-----------------------------------+-----------+---------+---------+
| Increase in trade and other | 18,280 | 1,796 | 1,622 |
| payables | | | |
+-----------------------------------+-----------+---------+---------+
| Share-based payment charges | 881 | 1,519 | 918 |
+-----------------------------------+-----------+---------+---------+
| Cash generated from trading | (4,488) | 1,683 | 15,081 |
| operations | | | |
+-----------------------------------+-----------+---------+---------+
| Income taxes paid | (2,430) | (1,592) | (4,373) |
+-----------------------------------+-----------+---------+---------+
| Net cash generated from operating | (6,918) | 91 | 10,708 |
| activities | | | |
+-----------------------------------+-----------+---------+---------+
| Investing activities | | | |
+-----------------------------------+-----------+---------+---------+
| Payments to acquire other | (2,715) | (810) | (2,892) |
| intangible assets | | | |
+-----------------------------------+-----------+---------+---------+
| Payments to acquire property, | (2,391) | (4,245) | (5,547) |
| plant and equipment | | | |
+-----------------------------------+-----------+---------+---------+
| Payments to acquire investments | - | (78) | (60) |
| in joint venture | | | |
+-----------------------------------+-----------+---------+---------+
| Finance income | 4 | 93 | 97 |
+-----------------------------------+-----------+---------+---------+
| Net cash outflow used in | (5,102) | (5,040) | (8,402) |
| investing activities | | | |
+-----------------------------------+-----------+---------+---------+
| Financing activities | | | |
+-----------------------------------+-----------+---------+---------+
| Proceeds from issue of ordinary | 692 | 489 | 557 |
| shares | | | |
+-----------------------------------+-----------+---------+---------+
| Purchase of own shares by | (302) | (466) | (805) |
| Employee Benefit Trust | | | |
+-----------------------------------+-----------+---------+---------+
| Net cash used in financing | 390 | 23 | (248) |
| activities | | | |
+-----------------------------------+-----------+---------+---------+
| Net(decrease)/increase in cash | (11,630) | (4,926) | 2,058 |
| and cash equivalents | | | |
+-----------------------------------+-----------+---------+---------+
| Opening cash and cash equivalents | 15,645 | 13,587 | 13,587 |
+-----------------------------------+-----------+---------+---------+
| Closing cash and cash equivalents | 4,015 | 8,661 | 15,645 |
+-----------------------------------+-----------+---------+---------+
Notes to the Unaudited Interim Financial Statements
For the six months ended 30 September 2010
1. Basis of Preparation, Accounting Policies and Approval of Interim Statement
The Interim Financial Statements for the 6 months ended 30 September 2010 have
been prepared in accordance with IAS 34, "Interim Financial Reporting" as
adopted by the European Union. This report should be read in conjunction with
the Group's Annual Report and Accounts 2010, which have been prepared in
accordance with IFRSs as adopted by the European Union.
The financial information set out in this report does not constitute statutory
accounts within the meaning of section 434 the Companies Act 2006. The Annual
Report and Accounts 2010 have 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 Interim Financial Statements have been prepared in accordance with the
accounting policies set out in the 2010 Annual Report and Accounts and it is
these accounting policies which are expected to be followed in the preparation
of the full financial statements for the financial year ended 31 March 2011. The
following standards, amendments and interpretations became effective for the
first time for the financial year beginning 1 April 2010 but either have no
material impact or are not applicable to the Group:
· Amendment to IAS 27 - 'Consolidated and Separate Financial Statements';
· Amendment to IAS 32 - 'Financial Instruments: Presentation - Disclosure
provisions superseded by IFRS 7 effective 2007';
· Amendment to IAS 39 - 'Eligible Hedged Items';
· Amendment to IFRS 1 - 'First-time Adoption of International Financial
Reporting Standards';
· Amendment to IFRS 2 - 'Group Cash-settled Share-Based Payment';
· Amendment to IFRS 3 - 'Business Combinations';
· Improvements to IFRSs (April 2009);
· IFRIC 17 - 'Distributions of Non-cash Assets to Owners'.
At the balance sheet date a number of new standards, amendments and
interpretations were in issue but not yet effective:
· Amendment to IAS 24 - 'Related Party Disclosures';
· IFRS 9 - 'Financial Instruments;
· IFRIC 19 - 'Extinguishing Financial Liabilities with Equity Instruments'.
The Group has not early-adopted any of these above new standards, amendments or
interpretations. Their impact will be fully considered in due course.
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
Finance Director's Review. The Finance Director's Review describes the Group's
financial position, cash flows and borrowing facilities and also highlights the
principal risks and uncertainties facing the Group. The Annual Report and
Accounts 2010 includes the Group's objectives, policies and processes for
managing its capital; its financial risk management objectives; details of its
financial instruments; and its exposures to credit risk and liquidity risk.
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 despite the current
uncertain economic outlook. For this reason, they have continued to adopt the
going concern basis in preparing the financial statements.
The Interim Financial Statements are unaudited and were approved by the Board of
Directors on 5th November 2010.
2. 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
("CODM"). The CODM has been determined to be the Operating Board. The
Operating Board has determined that the primary segmental reporting format is
geographical, based on the Group's management and internal reporting structure.
Due to the rapid expansion of the International business over the interim
period, the Operating Board has expanded its primary reporting segments and
split the previously reported "International" segment into USA, EU and Rest of
World ("RoW"). The Operating Board assesses the performance of each segment
based on revenue and gross profit which excludes unallocated central costs which
include items such as warehouse costs, staff costs and other administration
costs. The Group has central distribution centres and one head office, which are
in the United Kingdom, therefore it is not practical to determine a segmental
split of the Balance Sheet.
Revenue
+-------------------------+------+----------+----------+----------+
| | | 6mths to | 6mths to | 12 mths |
| | | | | to |
+-------------------------+------+----------+----------+----------+
| | | 30 Sept | 30 Sept | 31 Mar |
| | | 2010 | 2009 | 2010 |
+-------------------------+------+----------+----------+----------+
| | | | GBP'000 | GBP'000 |
| | | GBP'000 | | |
+-------------------------+------+----------+----------+----------+
| UK | | 87,094 | 72,491 | 160,014 |
+-------------------------+------+----------+----------+----------+
| USA | 6,922 | 1,984 | 5,938 |
+--------------------------------+----------+----------+----------+
| EU | | 29,834 | 17,659 | 42,936 |
+-------------------------+------+----------+----------+----------+
| RoW | 15,806 | 4,369 | 14,111 |
+--------------------------------+----------+----------+----------+
| Total Group | | 139,656 | 96,503 | 222,999 |
+-------------------------+------+----------+----------+----------+
| | | | | |
+-------------------------+------+----------+----------+----------+
| Gross Profit | | 6mths to | 6mths to | 12 mths |
| | | | | to |
+-------------------------+------+----------+----------+----------+
| | | 30 Sept | 30 Sept | 31 Mar |
| | | 2010 | 2009 | 2010 |
+-------------------------+------+----------+----------+----------+
| | | | GBP'000 | GBP'000 |
| | | GBP'000 | | |
+-------------------------+------+----------+----------+----------+
| UK | | 35,413 | 29,949 | 66,304 |
+-------------------------+------+----------+----------+----------+
| USA | 3,055 | 905 | 2,699 |
+--------------------------------+----------+----------+----------+
| EU | | 12,417 | 7,659 | 17,585 |
+-------------------------+------+----------+----------+----------+
| RoW | 6,985 | 1,971 | 6,548 |
+--------------------------------+----------+----------+----------+
| Total Group | | 57,870 | 40,484 | 93,136 |
+-------------------------+------+----------+----------+----------+
| | | | | |
+-------------------------+------+----------+----------+----------+
3. 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 ASOS.com Limited
Employee Benefit Trust are eliminated from the weighted average number of
ordinary shares.
Diluted earnings per share amounts are 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, adjusted for the effects of
potentially dilutive share options.
+-------------------------+--------+------------+------------+------------+
| | | 6mths to | 6mths to | 12 mths |
| | | | | to |
+-------------------------+--------+------------+------------+------------+
| | | 30 Sept | 30 Sept | 31 Mar |
| | | 2010 | 2009 | 2010 |
+-------------------------+--------+------------+------------+------------+
| | | | GBP'000 | GBP'000 |
| | | GBP'000 | | |
+-------------------------+--------+------------+------------+------------+
| Weighted average shares in issue | 73,510,899 | 74,139,725 | 72,956,550 |
| for basic earnings per share | | | |
+----------------------------------+------------+------------+------------+
| Effect of dilutive options | 4,170,209 | 4,431,880 | 4,940,859 |
+----------------------------------+------------+------------+------------+
| Weighted average shares in issue | 77,681,108 | 78,571,605 | 77,897,409 |
| for diluted earnings per share | | | |
+----------------------------------+------------+------------+------------+
| | | | |
+----------------------------------+------------+------------+------------+
| Earnings attributable to | 5,030 | 3,160 | 14,580 |
| shareholders (GBP'000) | | | |
+----------------------------------+------------+------------+------------+
| | | | | |
+-------------------------+--------+------------+------------+------------+
| Basic earnings per share | 6.8p | 4.3p | 20.0p |
+----------------------------------+------------+------------+------------+
| | | | | |
+-------------------------+--------+------------+------------+------------+
| Diluted earnings per | | 6.5p | 4.0p | 18.7p |
| share | | | | |
+-------------------------+--------+------------+------------+------------+
4. Related Parties
The Group's related parties are its joint venture, Employee Benefit Trust and
key management personnel. There have been no material changes to the related
party transactions during the interim period under review.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FSUFWIFSSEDF
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