Clothing & Shoes

Asos to move to main stock market amid sales boost

It comes as revenue grew by 5% to £1.4bn in the four months ended 31 December 2021, up from £1.36bn the previous year

Asos has announced its intention to move to London Stock Exchange’s Main Market at the end of February 2022 after recording “robust” sales for the four months ended 31 December 2021.

During the period, revenue grew 5% to £1.4bn, up from £1.36bn the previous year.

As a result, the retailer said its guidance for the year will remain unchanged, with revenue growth expected to range between 10% and 15%, and adjusted PBT to be between £110m and £140m.

In the UK, sales delivered growth ahead of expectations with a rise of 13%. This was reportedly supported by a “strong peak performance” and demand for going out wear during the festive season.

However, European sales dipped slightly to £391m, down from £400m in 2020, due to ongoing supply issues.

Meanwhile, the group increased its prices in its low to mid-single digit range in a bid to mitigate cost inflation going forward across both Asos and partner brands.

Mat Dunn, COO, said: “We continued to make progress against our objectives to improve the flexibility and speed of our retail model and accelerate the pace of delivery of our international growth strategy.

“Looking ahead, while mindful of the near-term uncertainty relating to the pandemic, our guidance for the full year remains unchanged.”

He added: “Our listing on AIM for the past 20 years has been an important part of Asos’ development, but the time is now right to move to the Main Market as we focus on delivering our medium-term guidance and longer-term growth ambitions.”

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