For the year ended March 31, 2021, Sosandar Plc reported revenue growth of 35 percent to 12.2 million pounds.
The company said in a release that gross margin was stable at 48 percent compared to 48.5 percent in FY2020, despite the effective use of promotional activity during lockdown periods.
The company managed to narrow EBITDA loss to 2.92 million pounds compared to 7.66 million pounds in the previous year.
Commenting on the annual performance, Ali Hall and Julie Lavington, the company’s co-CEOs said: “We have continued to expand and further diversify our product range, using targeted spending to maximise ROI and demonstrated strong cash retention, resulting in a significant growth in revenue and reduction in EBITDA losses.”
“Following the fundraise in May, we now have the financial flexibility to allow us to accelerate growth with third parties. Alongside this, we delivered a record first quarter of trading in Q1 FY22 with strong sales in colourful dresses, tops and denim as our customers prepare for the summer months,” Hall and Lavington added.
FY2021 operational highlights and Sosandar’s Q1 performance
During the year under review, the company continued expansion of its product range, offering a 60 percent increase in new styles. The company added that new categories of loungewear, active and leisure wear were launched, and casual and smart-casual clothing ranges were expanded within which denim, knitwear and outerwear performed particularly well.
In the first quarter of 2022, Sosandar revenue of 5.7 million pounds increased 256 percent compared to Q1 FY21. The company saw a 45 percent sales increase against the fourth quarter driven by very strong sales of spring summer products from early in the season.
Sosandar further said that the number of orders tripled year on year with a record quarter for both new and repeat orders with cost of acquisition less than half of pre pandemic levels. Compared to the fourth quarter, both new and repeat orders increased by 40 percent, while active customers increased by 23 percent.
The company raised 5.43 million pounds funding and appointed Steve Dilks to the company’s board as chief financial officer in May 2021.