(Il Sole 24 Ore Radiocor) - Milano, 23 apr - The UK fast fashion group Asos said that in the 26 weeks to March 1 adjusted revenue fell a like-for-like 14% to 1.114 billion pounds.

Gross merchandise value (GMV) dropped 9% to 1.170 billion pounds.

Adjusted EBITDA rose 21.5% to 64.0 million pounds and the adjusted loss before tax narrowed to 52.4 million pounds from 69.5 million.

The free cash outflow increased to 92.6 million pounds from 84.1 million a year earlier and net debt grew to 294.9 million from 275.8 million.

Asos reiterated its full year guidance.

It said that it remains on track to deliver adjusted EBITDA in the range of 150-180 million pounds, "supported by ongoing gross margin expansion, strong cost control, and a continued focus on profitable sales." Asos expects gross margin to improve by at least 100 basis points, with GMV growth continuing to improve through the second half.

"Free cash flow is expected to be broadly neutral for the full year, underpinned by improved inventory efficiency, disciplined capex spend and a leaner operating model," it.

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(RADIOCOR) 23-04-26 09:00:33 (0191) 5 NNNN