StockMarketWire.com - Retailer Asos said it would move onto the main market of the London Stock Exchange by the end of next month.

'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,' the company said.

The announcement was provided alongside a trading update for the four months through December 2021, showing sales growth of 5%, which was in line with the company's guidance.

Active customer base increased by 0.3 million customers to 26.7 million, reflecting 'slower customer growth as we cycled a period of exceptional customer acquisition in P1 FY21,' the company said.

Gross margin, meanwhile, decreased by 400 basis points to 43.0% driven by 'heightened clearance activity to shift slow-moving '21 spring / summer stock, elevated freight costs, and use of air freight to circumvent supply chain constraints and maximise peak trading,' it added.

But trends were expected to improve across the remainder of the year as peak-related supply chain bottlenecks ease and stock profile normalises, the company said.

Looking ahead, the company left its guidance unchanged, forecasting revenue growth in the range of 10%-to-15% and adjusted pre-tax profit of £110 million to £140 million.




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