Sosandar sees revenue nearly triple in strong first half

(Alliance News) - Sosandar PLC reported on Tuesday that revenue had almost tripled in a resilient ...

Alliance News 30 November, 2021 | 3:52PM
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(Alliance News) - Sosandar PLC reported on Tuesday that revenue had almost tripled in a resilient first half of trading.

Revenue surged to GBP12.2 million from GBP4.2 million in the first half ended September 30.

The Cheshire-based women's clothing platform generated gross profit in the same period of GBP6.9 million, up sharply from GBP2.0 million.

Pretax losses remained broadly in line with the previous year at GBP1.1 million.

Trading with third party partners - such as M&S, Next PLC and John Lewis - was strong in the period and the business did not experience any material impact from logistical challenges as a result of the pandemic, it noted.

In line with the previous year, Sosandar decided against paying a dividend.

"We are delighted to be reporting such strong revenue and active customer growth as well as reaching a significant milestone in delivering two Ebitda positive months in October and November. This pivotal achievement reflects customer engagement KPIs being substantially ahead of the prior year, including the increase in our number of active customers, repeat customers and conversion rates, highlighting the effectiveness of our marketing strategy, diverse product range and operational excellence.

"Looking ahead, whilst we are cognisant of ongoing supply chain challenges, we continue to mitigate the impact and our long-term growth strategy remains unchanged. The company is trading ahead of market expectations for the full year and we look forward to a successful second half and beyond," Co-Chief Executives Ali Hall and Julie Lavington commented.

Sosandar noted that market expectations for its annual results are currently GBP24.4 million for revenue and an Ebitda loss of GBP1.2 million.

Shares in Sosandar were up 0.1% at 34.02 pence on Tuesday afternoon in London.

By Heather Rydings; heatherrydings@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Sosandar PLC 30.25 GBX 0.00 -
Next PLC 7,558.00 GBX 0.24 -

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