Sosandar revenues rise 142%

Sosandar has released its financial results for the year ending 31 March 2022, revealing a 142% increase in revenue to £29.5 million, which includes three consecutive months of "record" revenue in September, October and November 2021.

EBITDA totalled a £0.2 million loss, a marked improvement on a £2.9 million loss in FY21. Gross Margin increased to 56%, compared to 48% in FY21, which the company said reflected a return to more normal trading conditions following the impact of the pandemic on the prior year.

Net cash was £7 million, against £3.9 million in 2021, while total orders increased 84% to 508,000, with active customers up 65% to 223,000.

In addition, the fast growing online women's fashion retailer has seen a "very strong" start to Q1 FY23, with revenue of £10.4 million representing an increase of 81% against Q1 FY22. The first three months of the current financial year continued to be profitable, resulting in nine consecutive months of profitability for the business.

Ali Hall and Julie Lavington, Co-CEOs of Sosandar, said: “We are incredibly proud to be reporting another period of sustained growth for Sosandar. It is thanks to our well-planned approach, together with our entrepreneurial, agile culture that we have delivered a significant increase in revenue, as well as moving into month-on-month profitability.

"Notwithstanding the current macro-economic environment, trading in the new financial year has started very well, with a record quarter for sales and three further consecutive months of profitability. Looking ahead, we are excited for the next stage of our growth. Over the next year we will focus on expanding our product range and continuing to drive growth through our own site and third parties. As we have done over the past two years, we will continue to use our agility and detailed planning to manage the business effectively, as we move forward on our journey to becoming one of the largest womenswear brands globally.”

Sosandar was founded by former women's magazine publishing executives Hall and Lavington to offer a trend-led, online fashion offer for women who had outgrown the fast fashion specialists. It was founded in 2016 and was admitted to AIM in London in 2017.

The brand is available via its own website but it also has third-party distribution agreements in place with Next, John Lewis, Marks & Spencer and The Very Group.