Edison Investment Research

Adili

Company overview

Adili plc is an online retailer of ethical fashion and lifestyle products, trading through Adili.com.

Date	Reports available	Download
Oct 28 2008	Fashioning credibility Adili has bolstered the credibilty of its investment story with the appointment as chairman of a well-respected industry figure, Nick Samuel, and through raising £1m gross of additional funding to see it through the next phase of build up. Ethical fashion retail is still at a very early stage and could continue to grow strongly despite dire conditions on the high street. Research type: Outlook - Fund raising	Log in to download 12 page note available
Oct 03 2008	Brand building The maiden preliminary results confirm the progress made in building sales and investing in both the brand and the business infrastructure. The news of a successful £1m fund-raising and the appointment of a high-profile chairman with extensive fashion retail experience both add to the credibility of the story. We will be issuing forecasts with a longer note shortly. Research type: Flash note - Final results	Log in to download 1 page note available
Apr 28 2008	Costs of scaling up Adili put out a year-end trading statement stating that revenues are broadly in line but that the loss for the year will be greater than expected. The largest element of adjustment is greater marketing spend, essential for building the brand. We have not yet changed our 2009 figures, but will be reviewing them as the sales pattern becomes clearer. With increasing consumer awareness of supply-chain issues, the market for ethically-produced goods and services continues to grow strongly. Research type: Update - Trading statement	Log in to download 3 page note available
Jan 08 2008	Happy Christmas Adili has issued a statement regarding its trading over the Christmas and the subsequent sale period which places it firmly in the ‘winner’s enclosure’. Although the bulk of sector statements are yet to come, the online retailers appear to have noticeably outperformed their bricks-and-mortar peers over this key sales season, with Next and John Lewis both indicating that their online route to market has been strong. Research type: Flash note - Trading update	Log in to download 1 page note available
Dec 12 2007	Fair trading Adili commences trading on AIM today having raised £1.5m gross via a placing, valuing the company at £4.5m. The company should benefit from its positioning at the conjunction of two high-growth areas: online retailing and consumers’ increasing concern about the impact of their purchase decisions. The market for ethical clothing and accessories grew by 79% in 2006 (+26% in 2005). With the intended ramp up in marketing spend, we anticipate Adili moving into profit in 2009/2010. Research type: First Day of Dealings - Fair trading	Log in to download 3 page note available
Oct 02 2007	Beyond the fringe Adili offers investors exposure to the high-growth market for ethical clothing and accessories, estimated to be expanding at c.26% p.a. As a start-up targeting a nascent sector, there are of a number of obvious risks. However, the company has assembled a team which combines a proven track record in online retailing with respected individuals from the world of fashion. If the ramp-up in marketing spend in the current year drives traffic as anticipated, we expect the company to break even in 2009/2010. Research type: Pre-IPO	Log in to download 12 page note available

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Edison's research ... is balanced, objective and provides a level of detail not normally associated with smaller companies.

Peter Knowles
Director, Fyshe Horton Finney