Business
Final Results
Final Results.
About this update from Sosandar Plc
[{"type":"text","content":"\n\n\n\n\nDate:\n\n\n11 July 2023\n\n\n\n\nOn behalf of:\n\n\nSosandar plc ('Sosandar' or 'the Company')\n\n\n\n\nEmbargoed until:\n\n\n0700hrs\n\n\n\n \nSosandar plc\nFull Year Results\n \nA milestone year delivering first full year of profitability and laying the foundations for next stage of growth journey\nSosandar PLC (AIM: SOS), one of the fastest growing fashion brands in the UK creating quality, trend-led products for women of all ages, is pleased to announce its financial results for the year ended 31 March 2023 and an update on trading for Q1 of the current financial year.\nFY23 has been a transformational year for Sosandar as the Group delivered a strong financial performance including increases in both revenue and profitability despite the challenging macroeconomic conditions. Sosandar has seen continued progression against its KPIs with growth across all metrics on its own site and sustained momentum with third party partners.\n \nFY2023 Financial Highlights\n\n\n\n·\n\n\nRevenue growth of 44% to £42.5m (FY22: £29.5m)\n\n\n\n\n· \n\n\nFirst full year of profitability, delivering PBT of £1.6m which is a £2.2m positive swing versus the previous year (FY22: £0.6m loss)\n\n\n\n\n·\n\n\nGross margin maintained at 56.1% (FY22: 56.0%) despite growth in revenue through lower margin wholesale channel\n\n\n\n\n·\n\n\nNet cash of £10.6m as at 31 March 2023 (FY2022: £7.0m) following strong trading and an oversubscribed fund raise in February 2023\n \n\n\n\nFY2023 Operational and Strategic Highlights\n\n\n\n·\n\n\nThe Company continues to deliver increasing levels of customer engagement on Sosandar.com with all KPIs increasing YoY:\n\n\n\n\n\n\n\no Total orders increased 22% to 621k\no Active customers increased 19% to 265k\n\n\n\n\n\n\n\no Conversion Rate of 4.11%, up from 3.87% in FY2022\n\n\n\n\n\n\n\no Average order frequency continues to grow, now at 2.34 times per annum\n\n\n\n\n·\n\n\nThe fast-tracked development of key product lines has proven successful with all identified lines meeting or exceeding expectations with strong sales of knitwear, formal tailoring, coats and occasion wear\n\n\n\n\n· \n \n\n\nTrading with our now well-established third-party partners, including Next and Mar...