Asos unveils plans to move to main London Stock Exchange market
ASOS has said it plans to move to the main market of the London Stock Exchange following 20 years on Aim, as the online clothes retailer seeks to pull in new investors.
ASOS floated on AIM in 2001 and is now one of the markets biggest companies with an equity value of £2.2bn.
The plans came as the group looks to draw in more investors following a difficult year that has seen its share price drop by over 50 per cent following a profit warning in October and the departure of chief executive Nick Beighton after six years at the helm.
Mat Dunn, chief operating officer, said: “The time is now right to move to the main market as we focus on delivering our medium-term guidance and longer-term growth ambitions.”
For the four month period ending 31 December 2021, ASOS reported overall total sales growth of 5%, in line with previous guidance. The UK continued to perform strongest, with a 13% sales growth compared to the same period in 2020, with consumers demands for partywear and outwear cited as a major contributor.
EU sales grew by +2% in the period and was significantly impacted by the COVID-19 Omicron wave, with resulting restrictions limiting events and social occasions.
The move by the end of next month “definitely opens up the pool of investors”, Dunn said. Shares were up more than 10 per cent in early trading.
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