Executive Summary

• ASOS reported 1H16 revenue growth of 21.2%, to £667.3 million, which was in line with the consensus estimate. Diluted adjusted EPS was up 15.3%, to 20.3 pence, versus consensus of 19.0 pence.
• EBIT was up 16.6%, to £21.0 million, beating expectations of £19.9 million. EBT was up 17.8%, to £21.2 million, above the consensus of £20.3 million. Profit for the period was £15.2 million, an increase of 6.3% versus 1H15.
• ASOS continued to invest in price, fulfillment and marketing, and the company reported strong revenue growth in the UK, the US and the EU. The company decided to discontinue its in-country operations in China after having incurred losses there. It expects to deliver results that are in line with market expectations for the remainder of FY16.