Sosandar swings to profit, revenues up 44 percent

Sosandar Plc revenues of 42.5 million pounds, were up 44 percent for its financial year ended March 31, 2023.

The company delivered PBT of 1.6 million pounds, a positive swing of 2.2 million pounds versus 0.6 million pounds loss in FY22. Gross margin was maintained at 56.1 percent.

Commenting on the trading update, Ali Hall and Julie Lavington, co-CEOs of the company said: “Sosandar has grown from a true start-up business just six years ago to a brand which is delivering multi-million-pound revenue and is profitable. We are incredibly proud to have Sosandar clothes now being sold in the UK’s biggest retailers, and we have now built the infrastructure to start serving our target customers internationally. ”

The company’s number of orders increased by 22 percent to 620,977 of which 148,382 were from new customers and 472,595 were from existing customers. Conversion rate increased to 4.1 percent from 3.9 percent, while average order value went up by 8 percent to 97.27 pounds and number of active customers increased 19 percent to 264,832.

The company said, performance of third party partners including John Lewis, Marks and Spencer, Next, The Very Group and JD Williams continues to go from strength to strength, and Sosandar collection launched with Sainsbury’s in the fourth quarter with significant combined contribution expected in the current financial year and beyond.

At the end of the year, the company had net cash of 10.5 million pounds, following the equity fundraise of 5.5 million pounds of net proceeds in February.