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Sosandar H1 revenues increase 52 percent

By Prachi Singh

Dec 1, 2020

Report

For the six months to September 30, 2020, revenues at Sosandar Plc rose 52 percent compared to H1 2020, reaching 4.28 million pounds. This performance, the company said in a statement, was achieved with a 23 percent reduction in administrative expenses, driven predominantly by a 47 percent reduction in marketing spend, resulting in the EBITDA loss being significantly reduced to 1.02 million pounds, representing a 63 percent improvement on the period in the prior year.

Commenting on the first half trading, Ali Hall and Julie Lavington, the company’s 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.”

The company added that the growth in revenue has been achieved during a period of significantly reduced customer acquisition, while the repeat order frequency increased by 11 percent compared with H1 2020 and new customer orders also increased by 26 percent. The company further said that yhe re-introduction of carefully controlled customer acquisition from September to November has delivered strong results with a record month of revenue in October. Monthly sales for September to November increased by 115 percent compared to the average for the prior five months and there was 17 percent growth in revenue against the same three -month period last year.

Picture:Facebook/Sosandar