Change of accounting year end
21 December 2017
Sosandar plc (AIM: SOS.L), the online women's fashion retailer, announces that, following the acquisition of Thread 35 Limited ("Thread") on 2 November 2017, the Company has decided to change its accounting reference date and financial year end from 31 December to 31 March. This change will align the Company's accounting reference period with that of Thread and will allow comparability of Group reporting across future periods.
As a result of this change the Group's next three financial reporting events will be as follows:
- publication of unaudited interim accounts for the nine month period ended 31 December 2017 by 31 March 2018. The financial information will be accounted for as a reverse acquisition in accordance with IFRS 3 "Business Combinations"; and will include the results of Thread for the nine month period from 1 April 2017, and those of Sosandar (formerly Orogen plc) from the date of the acquisition;
- publication of audited accounts for the year ended 31 March 2018 by 30 September 2018; and
- publication of unaudited interim accounts for the six months ended 30 September 2018 by 31 December 2018.
|Julie Lavington / Ali Hall||c/o Walbrook PR|
|Cairn Financial Advisers LLP (Nominated Adviser)||+44 (0) 20 7213 0880|
|Sandy Jamieson/Liam Murray / Richard Nash|
|Turner Pope Investments (TPI) Limited (Broker)||+44 (0) 20 3621 4120|
|Ben Turner / James Pope|
|Walbrook PR||+44 (0) 20 7933 8780|
|Paul Cornelius / Nick Rome /Sam Allenemail@example.com|
Sosandar is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Based on previous experience within the UK fashion industry and their understanding of the target demographic, this is a section of the market that the Company believes is currently being overlooked.
Sosandar was launched on 19 September 2016 following ten months of preparation that included building the management team, designing the initial Sosandar range, sourcing suitable suppliers, appointing a logistics provider and building the website. The Sosandar business model is built around using trend-led, in house designs that are sourced from a variety of global suppliers to cater for a growing market of fashion conscious women, while utilising an outsourced logistics provider that can support its planned growth over the coming years.
Sosandar's founders are Alison Hall and Julie Lavington, who have previously worked together at high street fashion and celebrity style magazine Look, as editor and publishing director respectively. They have a combined experience of over 35 years in the media and fashion industries, including in the design of fashion ranges for some of the UK's high street retailers, including Debenhams, Office, Oasis and JD Williams.