Sosandar revenue up 72% in H1
Sosandar has revealed a 72% increase in revenue to £21 million for the six months ending 30 September 2022.
The group's profit before tax totalled £100,000, compared to a £1.1 million loss in H1 FY22. Gross margin was 54.4%, signifying a more "normal" post-pandemic trading period, including a planned end of season sale in August.
Net cash was £4.2 million, reflecting planned earlier delivery of Autumn stock to facilitate deliveries into third-party partners.
For the six months, Sosandar also shared the following results:
- Online order number up 43% to 347,137.
- Average order frequency up 8% to 2.41 times.
- Website visits up 25% to over 7.7 million.
- Average order value up 4% to £90.
The group also reported record sales months in October and November. In addition, Black Friday saw a record number of online visits and the "strongest sales week on record" for its third-party partners.
Ali Hall and Julie Lavington, Co-CEOs of Sosandar, said: "This performance is a testament to the relevance of our strategy, unique and broad product offering and ever-increasing brand awareness, which has enabled us to continue to deliver for our customers, despite the challenging macroeconomic backdrop.
"Looking ahead, whilst the external environment remains challenging, it is important to note that as a business, we have successfully mitigated many of the headwinds we have faced over the past two years. We continue to trade in line with market expectations for the full-year and remain confident in the longer-term outlook for the business.”