Sosandar reports first half profit, revenues increase 72 percent

Net revenue at Sosandar PLC of 21 million pounds, increased 72 percent in the first half of FY23 against the same period in the prior year. This growth, the company said, was split equitably between its own site and third party partners.

Sosandar reported PBT of 0.1 million pounds, a positive swing compared to 1.1 million pounds loss in H1 FY22. Gross margin was 54.4 percent compared to 56.5 percent last year.

The company believes that market expectations for the year ending March 31, 2023 are currently revenue of 42.8 million pounds and PBT of 2 million pounds.

Commenting on the half year trading, Ali Hall and Julie Lavington, Co-CEOs of the company said in a release: “Our continued revenue growth has enabled us to reach a significant milestone in delivering another six months of profitability, achieving a substantial swing from a loss of 1.1 million pounds in the same period last year to a profit before tax of 0.1 million pounds for the current period.”

The number of orders increased on Sosandar.com by 43 percent to 347,137of which 80,935 were from new customers and 266,202 were from existing customers. Average order frequency was up 8 percent to 2.41 times, website visits rose 25 percent to over 7.7million and active customers increased 33 percent to 254,601.

The company also witnessed strong trading with third parties M&S, Next, John Lewis and The Very Group across all product categories and launched a new partnership with N Brown Group Plc’s JD Williams on a wholesale agreement in September 2022.

“Pleasingly, throughout October and November we delivered two record months of sales with this culminating in an extremely successful Black Friday period which saw a record number of visits to Sosandar.com and the strongest sales week on record for our third party partners, with margins increasing compared with the first half of the financial year,” Hall and Lavington added.

“We continue to trade in line with market expectations for the full year and remain confident in the longer-term outlook for the business.”