Sosander sees 72% increase in FY23 H1
The company said it believes that market expectations for the year ending 31 March 2023 are currently revenue of £42.8m
Sosander has announced net revenues of £21m in H1 FY23 ended 30 September, a 72% increase against the same period in the prior year (£12.2m).
The growth was split equitably between own site and third party partners.
It also reported its gross margin at 54.4% (H1 FY22: 56.5%) signifying a “more normal post-Covid trading period”, including a planned end of season sale in August.
It saw net cash of £4.2m (FY22: £7.0m) which it said reflected planned earlier delivery of autumn stock than the prior year to facilitate deliveries into third party partners.
The number of orders increased on its online site Sosandar.com by 43% to 347,137, of which 80,935 were from brand new customers and 266,202 were from existing customers.
The company said it believes that market expectations for the year ending 31 March 2023 are currently revenue of £42.8m.
Ali Hall and Julie Lavington, Co-CEOs, said: “We are very pleased to be reporting a strong performance for the six months ended 30 September 2022, with trading in line with our expectations for full year growth. Our continued revenue growth has enabled us to reach a significant milestone in delivering another six months of profitability, achieving a substantial swing from a loss of £1.1m in the same period last year to a profit before tax of £0.1m for the current period.
“This performance is a testament to the relevance of our strategy, unique and broad product offering and ever-increasing brand awareness, which has enabled us to continue to deliver for our customers, despite the challenging macroeconomic backdrop.”
