For the fiscal year ended March 31, 2021, Sosandar Plc recorded revenue growth of 35% to £ 12.2 million.
The company said in a statement that the gross margin was stable at 48% from 48.5% in fiscal 2020, despite the effective use of promotional activities during foreclosure periods.
The company managed to reduce the EBITDA loss to 2.92 million pounds, from 7.66 million pounds the previous year.
Commenting on the annual performance, Ali Hall and Julie Lavington, the co-CEOs of the company said: revenue and reduced EBITDA losses.
“Following the fundraising in May, we now have the financial flexibility to allow us to accelerate our growth with third parties. At the same time, we had a record first quarter in the first quarter of fiscal 22 with strong sales of colorful dresses, tops and denim as our customers prepare for the summer months, ”added Hall and Lavington.
Operational highlights of fiscal year 2021 and Sosandar’s performance in the first quarter
During the year under review, the company continued to expand its product line, offering a 60 percent increase in new styles. The company added that new categories of loungewear, sportswear and leisure wear have been launched and casual and casual clothing lines have been expanded, in which denim, knitwear and outerwear have been expanded. particularly well performed.
In the first quarter of 2022, Sosandar’s sales of 5.7 million pounds increased 256% compared to the first quarter of fiscal 21. The company recorded a 45% increase in sales compared to fourth quarter, thanks to very strong sales of spring-summer products from the start of the season.
Sosandar further said the number of orders has tripled year on year with a record quarter for new and repeat orders with an acquisition cost less than half of pre-pandemic levels. Compared to the fourth quarter, new and repeat orders increased 40%, while active customers increased 23%.
The company raised £ 5.43million in funding and appointed Steve Dilks to the company’s board of directors as chief financial officer in May 2021.