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Sosandar H1 revenues jump 407 percent

By Prachi Singh

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Business

For the six months to September 30, 2018, revenues at Sosandar Plc climbed by 407 percent to 1.84 million pounds (2.36 million dollars), with strong sales seen throughout the spring, summer and early autumn months. The company said, this growth was driven by the continued success of customer acquisition activities across multiple channels, increased average order values and a surge in repeat orders.

Commenting on the first half trading, Ali Hall and Julie Lavington, the company’s Co-CEOs, said in a statement: "We are delighted to be reporting another period of significant financial and operational progress for the company as we have made steps forward across the business. Trading continues to be in line with management's expectations and sales momentum has continued post period, with strong trading in the autumn across all product categories including partywear. September and October delivered consecutive record months for revenue, as well as orders, traffic and conversion rate."

The company added that site visits during the period under review increased by 233 percent year on year, and our customer database increased by 320 percent to over 84,000. Conversion rates and average order values (AOV) were up 107bps to 2.75 percent and 9 percent to 105.42 pounds respectively. The company said, new customers increased by 362 percent and repeat customers by 615 percent.

The company has raised 3 million pounds (3.8 million dollars) through a placing with institutional investors post-period end. The company added that net funds raised will help drive further Sosandar's development and support the ongoing growth plans for the business.

The number of new customers acquired over the period increased by 362 percent to 24,853, while customer database now stands at over 84,000 - more than four times larger than this time last year.

Picture:Facebook/Sosandar

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