Asos has returned to annual pre-tax profit, although warehouse disposal gains supported the result and underlying trading remained loss-making.
The retailer reported pre-tax profit of £24.4 million ($32.9m) for the year to 30th August, against an adjusted pre-tax loss of £46.4 million ($62.6m).
Adjusted earnings before interest, tax, depreciation and amortisation rose 29% to £170.3 million ($229.7m), while revenue fell 9% to £2.25 billion ($3.03bn).
Gross merchandise value fell 5% across the year but grew 4% in the final quarter. Underlying returns improved by 1.4 percentage points.
“ASOS is growing again, and that growth is broadening across the Group”, said chief executive José Antonio Ramos Calamonte.
Net debt fell to £109.3 million ($147.4m), helped by asset sales, but free cash flow was negative.
Asos expects low-single-digit merchandise value growth and positive free cash flow next year, despite reported trading disruption following October’s cyber incident affecting some basic customer data.
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