PwC Audit Delays Asos’s Full-Year Figures Unveiling

  • Asos delays publishing of FY23 results by one week to 1 November 2023
  • PwC auditor completing planned testing
  • Performance in line with previous update: £3.5bn revenue, H2 adjusted EBIT over £38m, full year adjusted EBIT loss of no more than £31m
  • Analyst presentation on 1 November 2023 at Asos HQ

Online fashion retailer Asos has announced a one-week delay in the release of its full-year results for FY23, now scheduled for November 1st. The company cited the need for auditor PwC to complete planned testing as the reason for the postponement. PwC assured that the procedures are limited in nature. Asos’s performance from January to September 2023 aligns with the previous update, showing an adjusted group revenue of £3.5 billion and a H2 adjusted EBIT over £38 million, resulting in a full-year adjusted EBIT loss not exceeding £31 million. The analyst presentation will take place on November 1st at Asos’s headquarters.

Factuality Level: 8
Factuality Justification: The article provides accurate and relevant information about Asos’s decision to delay the publishing of its FY23 results, the reason for the delay (PwC testing), and the company’s performance during the period. It also mentions the date of the analyst presentation. However, there are some minor issues with dates (e.g., 26 September 2023 should be 2022, 1 November 2023 should be 2022).
Noise Level: 2
Noise Justification: The article provides relevant information about a company’s decision to delay its financial results publication and the reason behind it. It also includes key financial metrics for the period under review. However, it lacks any analysis or insights beyond simply reporting the news.
Financial Relevance: Yes
Financial Markets Impacted: Asos and PwC
Financial Rating Justification: The article discusses the delay of Asos’s FY23 results, which affects its financial performance and auditing process. This impacts both Asos as a company and its auditor, PwC, potentially affecting their financial market value and investor decisions.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk