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Asos drops from FTSE 250


Asos has been demoted from the FTSE 250 index as shares hit a 12-month low.

Despite being valued at £7 billion just over two years ago, the online-only fashion retailer’s shares dropped 3% to 333p on Thursday.

Following the latest FTSE Russell’s quarterly reshuffle, Asos was valued at £400 million.

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The move comes as the company posted a half-year loss amid “ongoing challenges in the operating environment”.

In the six months ended 28 February 2023, the group reported an adjusted loss of £69.4 million, compared with a profit and an adjusted profit before tax of £87.4 million.

It also recently launched a new scheme to bridge the gap between the fashion industry and ethnic minority-owned brands.

However, the recent reshuffle by FTSE Russell saw online-only grocer Ocado maintain its position in FTSE 100 after its partner M&S reported an increase in profits.

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