Asos reported a revenue contraction of 6% for the period from September to December 2022, impacted by the challenging trading environment (cost of living crisis and elevated return rate) and the strategic restructuring of the business. The group continues to expect an H1 23 loss owing to the challenging consumer environment. However, Asos is confident of achieving a significant improvement in profitability from H2 23, which will result in free cash flow generation of -£100m-£0m for FY23.