Online retailer Sosandar has announced that revenue soared by 52% to £4.28m in the half-year ended 30 September 2020, up from £2.81m the prior year.
Gross profit was £2.24m, marking a 48% increase against 2019.
In addition, the group welcomed a “significant improvement” in its EBITDA loss, which narrowed to £1.02m in the period, up from a loss of £2.71m the year before.
Since the start of its new trading period, the group said that “carefully controlled” customer acquisition has delivered “strong” results with a “record” month of revenue in October.
In addition, monthly sales for September to November increased by 115% compared to the average for the prior five months. A new daily record for revenue was also achieved in November.
There was also a 17% growth in revenue against the same three-month period last year, while the group also delivered a 49% reduction in marketing spend and a reduction in cost of acquisitions of 52%.
Ali Hall and Julie Lavington, co-CEOs said: “We are delighted to be reporting strong revenue growth and a significant improvement in EBITDA despite one of the most challenging periods ever for the retail industry.
“It is a real achievement and testament to the fantastic team we have built at Sosandar, that we have delivered increased sales, better cost efficiency, better engagement with customers, grown our database and quickly expanded our product range, whilst at the same time significantly reducing marketing spend.”
They added: “From September onwards, we cautiously increased expenditure on new customer acquisition and trading has quickly gained momentum. We are very pleased to be exceeding the record highs seen last autumn on half the marketing spend.
“Looking ahead, whilst there remain short term uncertainties due to Covid-19, our long-term focus has not wavered and continues to be on the development of our product, infrastructure and service, alongside most importantly, further building our customer base. The scale of our opportunity is substantial and we are well placed to deliver on our ambition for Sosandar to be a long-term, sustainable success.”