Simba sales hit £100 million mark in 2020
Simba saw its sales hit £100 million in 2020 despite the challenges brought about by Covid-19.
In a trading update, the online matresss retailer said it also delivered around £3 million EBITDA profit in the period after sales in its second, third and fourth quarters grew by 35%, 70% and 125% respectively. It also enjoyed record Christmas trading with like-for-like sales rising by 400% year-on-year in the two weeks to 3 January.
Steve Reid, chief executive of Simba, said:“Simba has delivered a remarkable turnaround in the last 18 months. The firm has moved from making a significant loss, to a business that is now consistently profitable, whilst delivering all time high revenues throughout 2020 despite the challenges of a global pandemic.”
“To have swung a bottom line loss and to be up above historic high revenues in just a year and a half is testament to the team here at Simba and our partners – which we are eternally grateful for.”
Simba attributed the success to its focus on a “lean and responsive” operating model, marketing communications, investment in media and sponsorships, and product innovation.
Reid added: “Since launch there has been speculation surrounding the online mattress business model, but this year has proved it can weather even the heaviest of storms.”
