Asos raises £75m as it eyes return to growth
Asos has successfully raised proceeds of around £75m through the issuing of new shares.
The online fashion retailer said the newly-raised cash was in support of its ‘Driving Change’ agenda, as it looks to return the business to sustained profitability and cash generation.
The retailer has been struggling in recent times, reporting an adjusted loss before tax of £87.4m in the six months to February 28. However, Asos said it was confident it would bounce back, staiting it was on track to deliver its full year targets.
Nearly 18 million additional shares were placed by JP Morgan, Numis, and Berenberg at an issue price of 418.1p per share.
A further £37.4m has been raised by “substantial” shareholders in the company.
The retailer’s CEO, José Antonio Ramos Calamonte, said earlier this month that he was “pleased with the strategic and rapid operational progress the business has made in the first half of the financial year”, despite a difficult trading environment.