The latest annual numbers from etailer Asos (ASC) are the last to date from Nick Robertson's tenure. Mr Robertson founded the company and has served as its chief executive for the past 15 years. He stepped down with immediate effect at the beginning of September, making way for chief operating officer Nick Beighton, but will remain on the board as a non-executive director.
Last year, retail sales rose 17 per cent to tip over the £1bn mark. UK retail sales grew by more than a quarter to £474m, while international sales rose 11 per cent to £646m at constant currencies. The growth was also nicely balanced between rising customer numbers and their greater propensity to shop on the website. The number of active customers grew by 13 per cent, while the average basket value rose by a pleasing 9 per cent to £68.74.
However, these gains were largely offset by 21 per cent growth in operating expenses, led by investments in technology and staff, who received a bonus this year, unlike last. Operating profits crept up just 1 per cent to £47.3m, and even this was flattered by insurance proceeds of £6.2m relating to last year's warehouse fire.
Analysts at Peel Hunt expect pre-tax profits of £54m for the full financial year to March 2016, giving EPS of 51.3p, compared with £41.2m and 36.8p for FY2015.
| ASOS (ASC) | ||||
|---|---|---|---|---|
| ORD PRICE: | 3,105p | MARKET VALUE: | £2.59bn | |
| TOUCH: | 3,104-3,107p | 12-MONTH HIGH: | 4,259p | LOW: 1,922p |
| DIVIDEND YIELD: | nil | PE RATIO: | 70 | |
| NET ASSET VALUE: | 285p* | NET CASH: | £119m | |
| Year to 31 Mar | Turnover (£bn) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2012 | 0.50 | 30.3 | 13.2 | nil |
| Year to 31 Aug | Turnover (£bn) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
| 2012 | 0.24 | 13.2 | 12.5 | nil |
| 2013 | 0.77 | 54.7 | 50.1 | nil |
| 2014 | 0.98 | 46.9 | 44.6 | nil |
| 2015 | 1.15 | 47.5 | 44.4 | nil |
| % change | +18 | +1 | - | - |
*Includes intangible assets of £76m, or 91p a share | ||||
