In The Style swings to full year profit
In The Style has swung to a full year pre-tax profit of £125,000 in its first results as public company.
This compares to a loss of £2.16 million in the previous year.
In the 12 months to 31 March, revenue increased by 132% to £44.7 million, which included a 108% uplift in direct to consumer sales. Meanwhile, adjusted EBITDA rose to £3.8 million which was ahead of expectations.
Adam Frisby, chief executive and founder of In The Style, said: “FY21 was a transformational year for In The Style, during which we delivered outstanding growth and strategic progress while remaining true to our mission of empowering our customers to be brave, embrace body confidence and, most of all, love themselves for who they are.
“Central to our success is our differentiated influencer collaboration model that creates a strong customer connection, drives highly efficient customer acquisition marketing metrics, and gives us exposure to a broad range of customers.”
In The Style said sales in the first quarter of the new financial year are 44% ahead of the prior year, despite the strong ‘lockdown’ comparatives in the corresponding period last year.
Frisby added: “We have maintained very positive trading momentum through the early part of FY22 despite the strong prior year comparatives and continue to progress well against our strategic objectives, driven in part by new initiatives including the exceptionally well received Stacey Solomon collaboration and our nationwide Asda partnership.”