The latest from the boardroom
Interim results for the 26 weeks to 2 March 2025
“H1 FY25 is the strongest sign yet that our new commercial model is working. We are driving a significant transformation in profitability, with positive adjusted EBITDA up by c.£60m YoY. Customers are responding positively to our focus on full-price sales, speed to market, and quality, resulting in a +9% YoY increase in ASOS Design sales in the UK, and positive momentum with our partner brands. Importantly, these successes have been achieved whilst maintaining strong cost control and improving our inventory health. We look forward to a fantastic pipeline of new products, brands and customer experiences, and remain confident in our ability to deliver sustainable, profitable growth.”
Interim results for the 26 weeks to 2 March 2025
Adjusted Revenue1
£1,291.6m
Growth rate: (13%)
H1 FY24: £1,497.5m
Adjusted gross margin2
45.2%
Change: +490bps
H1 FY24: 40.3%
Adjusted3 EBITDA
£42.5m
H1 FY24: (£16.3m)
Free cash flow3
(£84.1m)
H1 FY24: (£21.1m)
Cost to serve4
42.1%
H1 FY24: 41.5%
Inventory
£411.7m
H1 FY24: £520.3m
1Adjusted revenue includes retail sales and income from other services, excluding non-underlying jobber income. The growth rate is on a like-for-like (‘LfL’) basis, adjusted for the impact of foreign exchange translation (constant currency sales).
2Adjusted gross margin is the reported Gross profit divided by revenue and excluding the impact of adjusting items.
3The alternative performance measures used by ASOS are explained, defined and reconciled to statutory measures in the Alternative Performance Measures note at the end of the Financial Statements of the Interim results for the period to 2 March 2025.
4Cost to serve defined as operating expenses (excluding depreciation, amortisation, impairments and adjusting items) as a percentage of adjusted revenue.
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