Sosandar posts first full year of profitability
Fashion brand Sosandar delivered its first full year of profitability in the 12 months to 31 March as sales climbed by 44% to £42.5 million.
The company achieved a pre-tax profit of £1.6 million compared to a loss of £0.6 million in the prior year.
Sosandar said the year had been transformational despite challenging trading conditions, with total orders and number of active customers rising by 22% and 19% respectively.
Meanwhile, trading with third-party partners, including Next and Marks & Spencer, was “extremely strong”. Sosandar said its recent online launch of a partnership with Sainsbury’s is performing in line with expectations and will be followed by an in-store rollout in September.
Ali Hall and Julie Lavington, Sosandar co-chief executives, said: “We are delighted to report on what has been a transformational year for Sosandar. Despite the challenging macroeconomic backdrop, we have seen increasing demand for our products across all categories with strong trading across both Sosandar.com and through our third-party partners.
“The sustained growth in revenue and profitability throughout the period is testament to our ability to deliver a unique quality product offering and highly effective marketing strategy, that resonates with our customer base.”
The company said it has made a strong start to the new financial year with a 10% uplift in revenue to £11.4 million as it looks ahead to growth both in the UK and overseas.
Hall and Lavington added: “The momentum built throughout FY23 has continued into FY24 with current trading in line with expectations. We are very excited for the opportunity available to us in FY24 and beyond as we deploy the money raised from our over-subscribed equity fundraise in January 2023 to support our growth both in the UK and internationally.”
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