TIDMADIL
27 May 2009 AIM: ADIL
Adili plc
("Adili" or "the Company")
Trading Update
Adili plc is an online retailer of ethical fashion and lifestyle products
trading through Adili.com. The Board of Adili announces a pre-close trading
update for the year ended 30 April 2009.
Key Points
* Sales for the year ended 30 April 2009 up 56 per cent.
* EBITDA expected to be marginally lower than market expectations
* New website launched November 2008
* Own label collections successfully delivered
Sales for the year ended 30 April 2009 are expected to be approximately GBP
550,000. EBITDA is expected to be marginally below expectations due to
investment in the new website platform and reduced gross margins owing to
discounting undertaken reflecting the trading conditions in the retail market.
The launch of our new website platform in November 2008 represented a
significant stepping stone for the future growth of the business and has been
well received by customers with conversion rates significantly up year on year.
Both own labels, Adili and Ascension, delivered their first collections in the
financial year and are achieving above average sell through rates. Adili
continues to invest to increase the proportion of sales represented by own
label products to improve overall margins and control of supply chains.
An interim fundraising in April 2009 raised GBP350,000 gross to fund short term
working capital requirements and the Company remained debt free as at 30 April
2009. We are continuing to actively seek funds that will be required by late
July 2009 for working capital to continue the Company's development towards
cash breakeven and profitability.
Preliminary results
The Board expects to announce preliminary results for the year ended 30 April
2009 in July 2009.
Nick Samuel, Chairman, commented:
"I am pleased to report another year of considerable progress for Adili.
Current trading remains buoyant and sales growth, despite the present economic
conditions, is accelerating as internet shopping and the ethical market
continues to gain popularity."
Enquiries:
Adili plc T: 01258 837 437
Adam Smith, Chief Executive Officer
Mark Swire, Finance Director
John East & Partners Limited, a subsidiary of T: 020 7628 2200
Merchant Securities Plc
David Worlidge
Bidhi Bhoma
END
|