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Sosandar FY22 revenues jump, positive momentum continues

By Prachi Singh

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Business

Image: Sosandar, Facebook

Sosandar PLC delivered revenue growth of 142 percent to 29.5 million pounds, which included three consecutive months of record revenue in September, October and November 2021.

The company said in a release that EBITDA improved to a 0.2 million pounds loss compared to 2.9 million pounds loss in FY21 with every month in H2 FY2022 being profitable.

Commenting on the annual performance, Ali Hall and Julie Lavington, co-CEOs of Sosandar said: “We are incredibly proud to be reporting another period of sustained growth for Sosandar. Notwithstanding the current macro-economic environment, trading in the new financial year has started very well, with a record quarter for sales and three further consecutive months of profitability.”

FY22 operational and strategic highlights of Sosandar’s results

The company’s gross margin rose to 56 percent reflecting a return to normal trading conditions following the impact of the covid pandemic on the prior year.

The company saw total orders increase of 84 percent to 508k, increase in active customers of 65 percent to 223k.

Trading with third party partners; M&S, Next and John Lewis, continued to be strong. The company also announced its launch with The Very Group on a wholesale arrangement in March 2022 with positive early momentum.

Sosandar continues to witness strong trading in FY23

The company added that the first quarter started on a strong note with revenue of 10.4 million pounds representing a record quarter and an increase of 81 percent against Q1 FY2022.

First three months of the current financial year continued to be profitable, resulting in nine consecutive months of profitability.

Sosandar believes that market expectations for the year ending March 31, 2023 are currently revenue of 42.5 million pounds, an EBITDA of 2.2 million pounds and PBT of 1.9 million pounds.

Sosandar