Member Info for Ammu123

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Delivering profitability transformation, building on foundations laid over last two years. Positive adjusted EBITDA up c.£60m year-on-year ('YoY') in H1, driven by new commercial model and sustained cost discipline. Variable contribution increased c.30% YoY, supported by higher gross margin and better order economics. Total fixed costs held broadly flat in absolute terms, demonstrating strong cost control, effectively offsetting inflation.

· Customers responding well to increased newness and speed to market. Gross margin up c.500bps YoY in H1, driven by lower markdown activity and higher full-price mix, demonstrating strength of new commercial model offering. In UK, our largest market, ASOS Design total sales +9% YoY in H1, growing market share5, enabled by market-leading Test & React ('T&R') and investments into quality. Globally own brand full-price sales returned to YoY growth in H1.

· Sales trajectory developing as expected. In line with guidance, H1 revenues declined -13%, a continuation of FY24 trends, driven by annualising declines in old inventory (stock c.30% YoY), and optimised performance marketing.

· Significant progress on key strategic initiatives. Successfully scaled T&R to >15% of own-brand sales, on track for 20% FY target. Flexible Fulfilment ('FF') models now at c.7% of third-party GMV6, with major new market and partner launches set for H2. Added exciting new brands including Bimba y Lola, Jimmy Fairly and Oh Polly, with more than 25 new brand partners in H1, and a further 40 set to launch in H2, as well as more exclusive collections.

· Exciting pipeline of innovation ahead. Embedded new organisational structure in H1, designed to accelerate decision-making and empower culture of continuous innovation. In H2, initiatives include launching Topshop.com, ASOS.WORLD loyalty program, live shopping features, enhanced search and personalisation, as well as further leveraging AI across the business, including through our AI stylist and addressing causes of unnecessary returns.

· US proposition improvement. US customers now accessing greater product range via UK fulfilment, following changes to our global distribution model. Early response has been strong, with double-digit run-rate sales improvement and significantly higher full-price mix. From H2, full hybrid US model in will be in operation, including a smaller, more flexible local site and Partner Fulfils roll-out. Largely non-cash c.£180m adjusting item recorded in H1 related to the Atlanta site closure. Continue to expect c.£10-20m annual EBITDA benefit from FY26. We continue to closely monitor the evolving US tariff outlook and see opportunity to respond as necessary through improved agility and flexibility of our sourcing and distribution model.

· Free cash outflow driven by a return to normal seasonality of intake, with an H1 net working capital ('NWC') outflow. Stock health continues to improve, with inventory cover down c.15%, and sell-through up

WTF

Any news?

Delivering profitability transformation, building on foundations laid over last two years. Positive adjusted EBITDA up c.£60m year-on-year ('YoY') in H1, driven by new commercial model and sustained cost discipline. Variable contribution increased c.30% YoY, supported by higher gross margin and better order economics. Total fixed costs held broadly flat in absolute terms, demonstrating strong cost control, effectively offsetting inflation.

· Customers responding well to increased newness and speed to market. Gross margin up c.500bps YoY in H1, driven by lower markdown activity and higher full-price mix, demonstrating strength of new commercial model offering. In UK, our largest market, ASOS Design total sales +9% YoY in H1, growing market share5, enabled by market-leading Test & React ('T&R') and investments into quality. Globally own brand full-price sales returned to YoY growth in H1.

· Sales trajectory developing as expected. In line with guidance, H1 revenues declined -13%, a continuation of FY24 trends, driven by annualising declines in old inventory (stock c.30% YoY), and optimised performance marketing.

· Significant progress on key strategic initiatives. Successfully scaled T&R to >15% of own-brand sales, on track for 20% FY target. Flexible Fulfilment ('FF') models now at c.7% of third-party GMV6, with major new market and partner launches set for H2. Added exciting new brands including Bimba y Lola, Jimmy Fairly and Oh Polly, with more than 25 new brand partners in H1, and a further 40 set to launch in H2, as well as more exclusive collections.

· Exciting pipeline of innovation ahead. Embedded new organisational structure in H1, designed to accelerate decision-making and empower culture of continuous innovation. In H2, initiatives include launching Topshop.com, ASOS.WORLD loyalty program, live shopping features, enhanced search and personalisation, as well as further leveraging AI across the business, including through our AI stylist and addressing causes of unnecessary returns.

· US proposition improvement. US customers now accessing greater product range via UK fulfilment, following changes to our global distribution model. Early response has been strong, with double-digit run-rate sales improvement and significantly higher full-price mix. From H2, full hybrid US model in will be in operation, including a smaller, more flexible local site and Partner Fulfils roll-out. Largely non-cash c.£180m adjusting item recorded in H1 related to the Atlanta site closure. Continue to expect c.£10-20m annual EBITDA benefit from FY26. We continue to closely monitor the evolving US tariff outlook and see opportunity to respond as necessary through improved agility and flexibility of our sourcing and distribution model.

· Free cash outflow driven by a return to normal seasonality of intake, with an H1 net working capital ('NWC') outflow. Stock health continues to improve, with inventory cover down c.15%, and sell-through up

Roberto doing overtime lol

highest close in months!!!

What losers

Why spend time on a share you don't hold

341 now

Roberto going mental

Desperation is unreal here

LMAO

Why still here then>

Another one pretending to be a holder

Reckon next stop 440!!

cheap mcap

BUY

You never bought any

What did you win Roberto?

Can you please enlighten us all?

Why are you so desperate Roberto?

SP is blue. Why are you not happy?

When 320 breaks

Expecting a fast move towards 370-380 region

Looking better today

Here

Looks like it might fill the gap (84p)

"The market is pricing in the possibility of a replacement chancellor with a more left-leaning agenda, which is spooking the bond market and waking up the bond vigilantes from their slumber."

As well as 10-year yields reversing their recent decline to test the 4.6% level, the 30yr yield is "set to see its biggest one day increase since the 3rd April, after President Trump’s announcement of reciprocal tariffs".

The pound is down 1% against the dollar at $1.3603 and 0.7% against the euro at £0.8645.

Sterling is now the weakest currency among the G10 currencies space, Brooks says. "This is a sign of fiscal stress, which the UK has had to weather before."

"Will a surge in borrowing costs, even though the Bank of England is set to cut rates next month, cause another U-turn on benefit spending? Will there be cuts announced elsewhere, or will the government try and tap the taxpayer for more funds?"

Brooks points out that gilt yields had been falling on news around cutting the benefits bill, "su