June 17, 2024


Imagination at work

Asos moves to London’s main market after 20 years on Aim

Mr Dunn additional: “Our listing on Intention for the earlier twenty several years has been an significant part of Asos’s improvement, but the time is now ideal to go to the key market place.”

Nick Beighton, the former main government who remaining abruptly in October amid a profit warning, had earlier demonstrated very little enthusiasm for such a shake-up. 

In a trading update, Mr Dunn also reported sales remained underneath pre-pandemic concentrations but had been greater than last yr when Covid limitations had been in power.

Revenues rose by just 2pc to £1.4bn in the fourth months to December 31 and income took a hit as Asos was forced to shell out much more on wages, shipping and delivery and discounting. 

It has amplified wages for warehouse workers yet again and was forced to air freight much more inventory as world provide chain bottlenecks continued to influence shipping and delivery routes.

Climbing expenses also meant Asos had to improve selling prices by the “reduced to mid-solitary digits”.

Gross sales of dresses and other evening use enhanced when compared with 2020 but returns jumped more than the Xmas interval as get-togethers had been cancelled.

Mr Dunn reported sales had nevertheless not recovered to pre-pandemic concentrations but he felt much more confident about 2022, irrespective of the menace of inflation and mounting power payments to consumer shelling out.

He claimed consumers had saved cash for the duration of the pandemic and would prioritise clothing more than other purchases as because of to quite a few possessing not acquired quite a few new outfits for the duration of the interval of limitations.

Trading was “nowhere around back to exactly where it was pre-pandemic”, Mr Dunn reported.

Fundamental yearly income had been expected to rise by between 10pc and 15pc to between £110m and £140m.