Sosandar FY21 profits up 33%
Revenue also grew by 35% to £12.2m from £9.03m, representing a ‘strong performance’ in a challenging trading environment
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Sosandar has revealed its gross profit for the year ended 31 March increased 33% to £5.8m from £4.4m the previous year, which was aided by a 40% increase in repeated orders.
Revenue also grew by 35% to £12.2m from £9.03m with a particular nod to the first quarter which boasted a 256% increase year-on-year.
Furthermore, the retailer was also able to narrow down its EBITDA loss to £2.92m from £7.66m as a result of increasing scale, improved ROI on marketing and its ongoing focus on cost management.
During the year, the group received £135,000 in government grants through the Furlough scheme due to the impact of Covid 19 on the operating of the business.
Ali Hall and Julie Lavington, co-CEOs, said: “Following the fundraise in May, we now have the financial flexibility to allow us to accelerate growth with third parties.
“Alongside this, we delivered a record first quarter of trading in Q1 FY22 with strong sales in colourful dresses, tops and denim as our customers prepare for the summer months. With a clear growth plan and numerous opportunities ahead of us, we are now well placed to accelerate towards profitability.”
