Asos has announced losses of more than £38 million in its second half, resulting in full year losses of £31 million.

The British online retailer’s announcement came in a performance update which shared that it would release its full year results on 1 November, one week later than previously announced.

Asos said the short delay was to allow its auditor PwC to complete its planned testing.

PwC has assured the board that the outstanding procedures are limited in nature, it added.

The update also revealed Asos was in-line with that reported at the post-close trading update on 26 September 2023, including: full year adjusted group revenue of £3.53 million; inventory reduction of 30 per cent year-on-year; and cash and undrawn facilities as of 3 September totalling £428 million.

The company previously announced results showed that its fourth quarter sales dropped by 16 per cent in the UK, while the period saw a decline of seven per cent and 19 per cent in the EU and US respectively.

Overall, there was a 15 per cent profit dip across the quarter.

Earlier this year, in its ongoing bid to return to profitability, Asos raised £75 million via a share issue.

The move came after Asos announced a £290 million pre-tax loss following weak sales results across the six months to 28 February.

The online fashion retailer said that the loss included a £128.2 million stock write-off and £49.4 million worth of property impairments and closure costs after it streamlined its head office and logistics footprint.

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