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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  ASOS Plc    ASC   GB0030927254

ASOS PLC

(ASC)
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Delayed Quote. Delayed London Stock Exchange - 10/29 12:35:28 pm
4448 GBX   -0.45%
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UK lawmakers, retailers call for action to prevent garment workers' exploitation

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07/19/2020 | 11:05pm EDT

A group of 50 British lawmakers, retailers such as Marks & Spencer and New Look, and investors and NGOs called on Monday for urgent action to prevent the exploitation of garment factory workers in the United Kingdom.

Their joint letter, coordinated by industry lobby group the British Retail Consortium (BRC) and addressed to interior minister Priti Patel, asked for the introduction of statutory licensing of garment factories to ensure they all meet their legal obligations to employees.

The letter was published following recent media reports of workers being paid below the minimum wage, not being supplied with personal protection equipment (PPE) and working in unsafe conditions.

Britain's minimum wage is 8.72 pounds ($10.95) for people over 25 years old and 8.20 pounds for people aged 21 to 24.

The BRC said it and its members have long been calling for greater enforcement by the authorities to support the actions retailers are taking to ensure fair treatment of workers and to encourage businesses to invest in UK fashion manufacturing.

"Recent reports in the media demonstrate the urgent need for action before more workers are needlessly taken advantage of," said BRC chief executive Helen Dickinson.

The letter said the proposed licensing scheme would protect workers from forced labour and mistreatment, ensure payment of taxes and create a level playing field for businesses to compete fairly by preventing rogue manufacturers undercutting prices.

It would also encourage retailers to source their clothing from the UK, supporting the development of the industry.

Retailer signatories include ASOS, Walmart owned Asda, M & S, Morrisons, N Brown, Joules, New Look, River Island and Matalan.

Online fashion retailer Boohoo was not a signatory. It wrote its own letter to Patel on Friday backing a licensing scheme.

"We fully support the proposals of the BRC and others on the need to implement statutory licensing of garment factory owners and managers," said a Boohoo spokesman.

Investor signatories include Allianz Global Investors, Columbia Threadneedle Investments, Fidelity International, Jupiter Asset Management and Schroders Investment Management.

($1 = 0.7962 pounds)

(Reporting by James Davey; Editing by Alexandra Hudson)


Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -0.95% 150.46 Delayed Quote.-31.11%
ASOS PLC -0.45% 4448 Delayed Quote.31.87%
BOOHOO GROUP PLC 0.60% 267.3 Delayed Quote.-10.27%
JOULES GROUP PLC 2.91% 106 Delayed Quote.-53.91%
MARKS & SPENCER GROUP PLC -3.04% 88.72 Delayed Quote.-58.45%
N BROWN GROUP PLC -4.67% 53.1 Delayed Quote.-67.38%
NEXT PLC -2.67% 5970 Delayed Quote.-14.93%
SCHRODERS PLC -0.42% 2603 Delayed Quote.-21.93%
WALMART INC. -0.09% 139.92 Delayed Quote.17.74%
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Financials
Sales 2021 3 814 M 4 931 M 4 931 M
Net income 2021 114 M 147 M 147 M
Net cash 2021 371 M 479 M 479 M
P/E ratio 2021 41,0x
Yield 2021 -
Capitalization 4 447 M 5 773 M 5 749 M
EV / Sales 2021 1,07x
EV / Sales 2022 0,93x
Nbr of Employees 3 824
Free-Float 73,3%
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Technical analysis trends ASOS PLC
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 5 258,04 GBX
Last Close Price 4 468,00 GBX
Spread / Highest target 68,3%
Spread / Average Target 17,7%
Spread / Lowest Target -32,9%
EPS Revisions
Managers
NameTitle
Nicholas Timothy Beighton Chief Executive Officer & Executive Director
Adam Alexander Crozier Chairman
Mark Holland Chief Operating Officer
Mathew James Dunn Chief Financial Officer & Director
Clifford Cohen Chief Information Officer
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