Made.com names new CEO as losses widen
The group said it will maintain a ‘disciplined and focused’ approach to customer acquisition. Priority will remain on maintaining strong conversion rates and doing so at low cost to drive attractive payback and quality lifetime value.
Made.com has confirmed Nicola Thompson, Interim CEO, will take on the role of permanent CEO as it also revealed its losses widened from £14.6m in 2020 to £31.4m in 2021, according to its preliminary results for the 12 months to 31 December 2021.
The retailer said it had a “strong” gross sales growth underpinned by positive customer metrics, with last twelve month active customers at 1.3m, up by 26% compared to 2020.
It also reported a revenue of £372m, up by 50% year-on-year, with deferred revenue at period end at £56m.
However, Made.com revealed gross margin was impacted by global freight inflationary pressures, down 694bps compared to the prior year.
The group said it will maintain a “disciplined and focused” approach to customer acquisition. Priority will remain on maintaining strong conversion rates and doing so at low cost to drive attractive payback and quality lifetime value
Susanne Given, chair, said: “The board is delighted to confirm Nicola’s appointment as CEO. She is an impressive and compassionate leader and the right person to lead the business into its next phase of growth.”
“We have a strong strategic plan in place to drive further and continuous growth. The strength of the brand and the management team combined with its strong cash position means Made is uniquely placed to act on the opportunities ahead.”
Thompson added: “I am thrilled to be confirmed as CEO of Made and excited to lead this great business and brand forward. We are delighted to report another period of strong financial performance and solid operational progress, with revenue growing by 50% year on year and continued delivery against our key strategic pillars as set out at our IPO.”
