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Sosandar revenues jumped 9% to £46.3m during the financial year ended on 31 March.
The womenswear brand rose from a £1.3m loss in H1 to an expected profit of £1.1m in H2. As a result, the brand expects FY24 to be in line with market expectations with a marginal loss of £0.2m expected to be reported for the year overall.
Gross margin has risen to 57.6%, up from 56.1% in FY23, reflecting the planned reduction in certain price promotional activity ahead of a selective store roll out in the UK.
During the year, the brand has also made “substantial progress” towards opening the first physical stores and overall the company is on track with all elements to execute the store rollout as expected.
Ali Hall and Julie Lavington, co-CEOs, said: “We have delivered a robust financial performance for FY24, delivering a profitable second half, accelerating revenue growth whilst at the same time growing our margin and generating cash. This performance has been achieved against one of the most challenging backdrops our industry has experienced and is testament to how our customers feel about our on-trend, affordable, long lasting, lifestyle appropriate clothes.
“The strength of our brand and unique product range remain the key drivers of our success and keep our customers returning to us for their wardrobe needs. We are incredibly proud to see the success that our Sosandar clothes are having in the UK’s biggest retailers and through our first partnerships internationally.”
They added: “We enter the new financial year well placed, with a strong cash position in order to execute the next stage of our growth strategy. April trading has been strong with continued improvement in profitability driven in particular by gross margin. We fully expect that we will deliver more milestones in FY25 as we open our first physical retail stores and continue to take the Sosandar brand to more customers across the UK and worldwide.”
