Latest Results

Full Year Results

A year of strong revenue growth, substantial reduction in EBITDA losses and a strong start to the new financial year with Q1 FY22 revenue up 256% YoY

Sosandar PLC (AIM: SOS), the online women's fashion brand, is pleased to announce its financial results for the year ended 31 March 2021 and an update on trading for Q1 of the current financial year.

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FY2021 Financial Highlights

  • Revenue growth of 35% to £12.2m (FY2020: £9.03m), representing a strong performance in a volatile trading environment
  • Stable gross margin of 48.0% (FY2020: 48.5%), despite the effective use of promotional activity during lockdown periods
  • Narrowed EBITDA loss to £2.92m (FY2020: £7.66m) as a result of increasing scale, improved ROI on marketing and ongoing focus on cost management
  • Year-end cash of £3.93m (FY2020: £5.33m) with low cash burn since July 2020 (£4.40m)

 FY2021 Operational Highlights

  • Diversification and continued expansion of product range, offering customers a broader choice of product for all occasions:
  • 60% increase in new styles
  • New categories of loungewear, active and leisure wear launched, now becoming a key part of the product range
    • Successful expansion of casual and smart-casual clothing ranges with denim, knitwear and outerwear performing particularly well
    • Successful launch with John Lewis, Next and Marks & Spencer
    • Engaged and loyal customer base:
      • 40% increase in repeat orders to 189,703 (FY2020: 135,983)
      • Average order frequency improved by 23% to 2.08 (FY2020: 1.69)
    • Strong conversion rate of 3.09% (FY2020: 2.67%) driven by the expanded range which is resonating well with customers
    • Average order value (AOV) of £82.70 (FY2020: £97.14) due to the changes in the product mix with higher sales of lower value items such as loungewear, knitwear and activewear

Post-period Highlights:

  • Q1 2022 was a record quarter for revenue with each month improving sequentially:
    • Revenue of £5.7m up 256% against Q1 FY21 (lockdown period last year)
    • Q1 increased 45% against Q4 driven by very strong sales of spring summer product from early in the season
  • Number of orders tripled year on year with a record quarter for both new and repeat orders with cost of acquisition less than half of pre pandemic levels
    • Versus Q4 FY21, both new and repeat orders increased by 40%
  • Active customers increased by 23% on Q4 FY21
  • Increase in sales across all key categories with both casual and going out styles selling very quickly.  Stand out winners have been dresses, tops, knitwear and denim
  • Further expansion of the product range with Marks & Spencer, John Lewis and Next to support strong sales in all categories
  • Successful fundraise of £5.43m (after expenses) completed May 2021, substantially oversubscribed and with support shown from both institutions and retail investors:
    • Proceeds provide the balance sheet flexibility to capitalise on opportunities available, specifically the significant potential to accelerate growth with third party retailers
    • Cash of £9.10m as at 30 June 2021
  • Appointment of Steve Dilks to the Company’s Board as Chief Financial Officer in May 2021

FY2021 KPIs

 Year ended 31 March 2021  Year ended 31 March 2020  Change
Sessions 8,922,789  8,032,355  +11%
Conversion rate 3.09%  2.67%  +42 bps
Number of orders 276,008  214,487  +28%
AOV £82.70  £97.14  -15%
Active customers 135,381  131,095  +3%
Repeat order rate 2.08  1.69  +23%

 

 Ali Hall and Julie Lavington, Co-CEOs commented:

"We are delighted to report a year of very strong growth and performance alongside considerable operational progress. We have continued to expand and further diversify our product range, using targeted spending to maximise ROI and demonstrated strong cash retention, resulting in a significant growth in revenue and reduction in EBITDA losses. The performance of our team over the last year has been truly exceptional and we are incredibly proud of what they have achieved.

Whilst there is wider uncertainty around the ongoing effects of the pandemic, we are incredibly optimistic about what the future holds for Sosandar. Following the fundraise in May, we now have the financial flexibility to allow us to accelerate growth with third parties. Alongside this, we delivered a record first quarter of trading in Q1 FY22 with strong sales in colourful dresses, tops and denim as our customers prepare for the summer months.  

With a clear growth plan and numerous opportunities ahead of us, we are now well placed to accelerate towards profitability.”


CHAIRMAN’S STATEMENT

 

The year ended 31 March 2021 was another period of strong growth and performance for Sosandar against a backdrop of sustained turbulent trading conditions. We have continued to adapt, learn and mature over the course of the year with the business now in an incredibly strong position to take advantage of the opportunities that lie ahead.

We have diversified our product range, targeted spending to maximise ROI and demonstrated strong cash retention. During the year, we were delighted to establish partnerships with retail stalwarts Next, John Lewis and Marks and Spencer. The success of these partnerships to date proves the desirability of the Sosandar brand, and we look forward to the many opportunities for growth with our retail partners going forward.

Our people

This year, more than ever, we have seen the quality of our team shine through. The executive team have continued to show exemplary leadership and all our staff have displayed an incredible passion for the business over the past year. I would like to take this opportunity to thank them for their tireless dedication, hard work and ongoing enthusiasm for our business and customers.

I would also like to thank all our customers, partners, suppliers, and shareholders for their continued support throughout the year.  I look forward to achieving further successes together in the future.

In May, post-period end, we were pleased to welcome Steve Dilks to the Company’s Board as Chief Financial Officer. Steve joined Sosandar in September 2020 and, since then, his experience and expertise have added significant value to the business. As Finance Director and now as CFO, Steve provides great confidence to the Board, offers substantial commercial contributions and is proving to be a great asset to the business.

Bolstered financial position

Post-period end we were pleased to raise gross proceeds of approximately £5.77m through a substantially oversubscribed Placing, Subscription and PrimaryBid offer.

The proceeds will provide us with the balance sheet flexibility to enable us to capitalise on the opportunities for growth both on our own site and through retail partners in the coming months and beyond.

The Board would again like to take this opportunity to extend its thanks for the support shown from new and existing shareholders, both institutional and retail.

Responsible business

At Sosandar, we understand that our business has an impact on the world around us and we are committed to making this impact a positive one. Our ‘responsible fashion business’ framework is broken into the three key areas: Ethical operations (a fair, transparent and collaborative supply chain), Environmental sustainability (minimising the footprint left on the natural world) and Fabulous Sosandar (an inclusive and uplifting workplace).

In January 2021, we switched most of our consumer packaging from cardboard boxes to Green PE polythene bags made from a by-product of the sugar cane process. They are recyclable, carbon neutral and sustainable.  Moving forward, we are exploring the best method with which to roll out recycled and/or recyclable packaging across the rest of our supply chain. Excitingly, we are also trialling more sustainable yarns and fabrics such as recycled polyester, organic cotton and Lenzing Ecovero sustainable viscose in our product range, with early feedback encouraging.

Running a responsible business is a continually evolving challenge, and we look to constantly develop our actions in this area. We know that sustainability, already at the core of our business, must continue to be at the forefront of our minds as we take each next step to grow Sosandar and expand our influence. As we grow in size and scale as a company, we will further expand our activity, with an ambition to increase the positive, lasting impact Sosandar has on the fashion industry. 

More detail on the Company’s ‘responsible fashion business’ framework can be found in our Strategic Report section of the Annual Report and Accounts.

Corporate Governance

The Board continues to be committed to maintaining and enhancing its corporate governance framework, ensuring that it is robust and effective.  In particular, the framework is designed to ensure all opportunities and risks are fully evaluated and that decisions are made based on robust assessment in order to deliver long term value creation.

The Covid-19 pandemic presented our business with unique challenges throughout the year. The Board met very regularly and worked more closely and flexibly than ever to provide support, guidance, challenge and oversight. The agility of our business was exemplified by the rapid pivot towards conservation of cash and careful cost management as soon as the nature of the pandemic emerged in early 2020. All of our teams have worked incredibly hard and they should be proud of the way Sosandar overcame the challenges we were faced with and subsequently thrived over the last 15 months.

Post year-end, the Board completed a review of the Long-Term Incentive Plan (LTIP) in place for key executives in the business. This resulted in the Board establishing a new LTIP to include a further five people so that all eight key senior staff and departmental heads are participants. The Board believes the revised scheme appropriately motivates and incentivises the senior team, who play such a key role in driving the Company’s growth strategy.

Outlook

Looking ahead, we remain confident and excited about the Group’s positive outlook. We have demonstrated our flexibility this year and as a result have emerged as a more mature, agile and resilient business, positioning us well to react to potential future changes in the external environment and capitalise on the numerous exciting, long term growth opportunities.

In view of the continuing uncertainty surrounding the extent of the impact of Covid-19, we continue to plan cautiously for a wide range of outcomes. As we have done since March, we will endeavour to manage the business carefully, foster our partnerships and continue to grow our existing customer base. The Board is therefore confident that there is a successful year of growth ahead and an exciting long-term future for Sosandar.

 

Bill Murray
Date: 19 July 2021

Co-CEO'S Statement

 

Overview

We are very pleased to have been able to deliver increased sales, a significant reduction in EBITDA losses and improved cost efficiencies in what has been such an unprecedented year. Our ability to quickly adapt to the changing needs of our consumers has enabled us to deliver these strong results, with the hard work of our team resonating so strongly with our customers who are now more engaged with Sosandar than ever before.

The success that we have had over the past 12 months has proven beyond doubt that there is strong demand for our unique offering in the market. This has been further validated by the strong demand from consumers who purchase through Next, John Lewis and Marks and Spencer following our launch into these partnerships during the year.  We have continued to mature as a business and are beginning to benefit substantially from our increased experience, the relationships we have built in the industry and from economies of scale. With the team, the positioning and the product, we are confident we have built a strong platform from which to grow.

None of the progress we made over the past year would have been possible without the dedication, collaboration and belief of our team, partners, suppliers and of course our customers. We sincerely thank them all.

Vision and ambition

Our vision is to be a global one-stop online destination for a new generation of fashion forward women who have graduated from fast fashion brands. We aim to build Sosandar into the go-to fashion destination for all occasions combining exceptional product with a first-class customer experience.

Our strategy

Sosandar is focused on creating fashion-forward products for a generation of women overlooked by existing fashion brands, and this offers a significant untapped opportunity - a demographic that spends £3.7bn per year on fashion.

Our typical customer has a high disposable income and is very fashion conscious. She is looking for quality, affordable clothing with a premium, trend-led aesthetic for all areas of her life.

Our strategy is to expand Sosandar's customer base and build our brand awareness through:

  • Developing exceptional products
  • Providing a seamless customer experience
  • Continuing to expand our highly successful online and offline marketing activity

 

This is underpinned by combining our creativity with gathering and analysing data on shopping habits, trends and customer preferences to drive product development and effectively target new customers.

Strong financial performance

We are delighted to report that total revenue for the period increased 35% to £12.16m, with a 62% reduction in EBITDA losses to £2.92m. The revenue growth represents a strong performance in a volatile trading environment, driven by the success of our expanded product range, strong growth on our own website and launches with John Lewis and Next in August and then with Marks and Spencer in March.

Pleasingly, this strong growth has also been achieved despite a significant overall reduction in marketing spend over the period. Utilising learnings from the previous financial year and our first foray into TV advertising, we have now optimised the marketing mix and been able to maximise our return on investment. Our agility allowed us to engage in customer acquisition at key periods, capitalising on the upticks in sentiment across the nation as and when they emerged.

Our relentless focus on cost management and financial planning, where we significantly reduced marketing spend and other expenses where possible, has led to a significant improvement in EBITDA. It also meant we were able to maintain a strong cash position, with net cash as at 31 March 2021 of £3.93m. Post-period end we were delighted to complete a successful fundraise of £5.77m, oversubscribed and with support shown from both institutions and retail investors. The proceeds from the fundraise will provide us with the balance sheet flexibility to enable us to capitalise on the numerous opportunities available to us over the coming months and beyond, in particular the significant potential that exists to accelerate growth in sales through third party retailers.

The period under review has clearly demonstrated that we have an extremely engaged and loyal customer base, with new styles and an expanded range resonating well. This can be seen through a number of metrics including the total number of orders increasing by 29% to 276,008, repeat orders up 40% to 189,703, average order frequency improving by 23% to 2.08, and repeat buyer order frequency increasing by 17% to 3.67.  Active customers were marginally up in the year increasing 3% to 135,381, due to the timing of customer acquisition periods, with this stepping up by 23% in Q1 FY22 to 167,035.

We also pleased to report that gross margin remained stable at 48.0% (FY20: 48.5%) despite the necessary use of promotional activity during some lockdown periods.  Gross margin has normalised as the pandemic restrictions started to lift with Q1 FY 22 being at 54%.

Expanded product range resonating with customers

Despite the challenging external environment, we believed that it was in the best interest of the long-term success of Sosandar to continue to invest and expand the product range, in line with our strategy to develop exceptional products. This decision has been a key factor in the strong trading performance.

We were able develop ranges quickly that reflected the lifestyles of our customers with denim, outerwear, loungewear, knitwear, and active and leisure wear performing particularly well. These categories are now established as a key part of the product mix. Our well-established test and repeat model, as well as our new third party relationships, enabled us to expand the range without heightening risk by adding too much stock.

The diversification of the range puts us another step closer towards our vision of being a one-stop online destination and the go to fashion destination for all occasions. We now have a clearly defined position in the market – offering customers a chic and sexy unique aesthetic that is trend led, high quality and lifestyle appropriate.

Successful launch with third parties

A key milestone in Sosandar’s journey was our successful launch with both John Lewis and Next on their website platforms in August 2020. In late March 2021 we also entered into an agreement to sell a curated collection of our products through Marks & Spencer as a third-party online retailer. Trading to date with all three partners has been very successful and product lines have been very well received with many styles selling out across the third party platforms.

The fact that we were approached by three of the UK’s biggest brands is a validation of the appeal and quality of our clothing and demonstrates the ever-growing strong appeal of our offering to our target market. It is clear we have developed a brand aesthetic which stands out from the crowd.

These partnerships allow us to further increase brand awareness across our target market, whilst driving incremental sales and accelerating improvement in EBITDA. We intend to use the proceeds from the fundraise completed in May 2021 to capitalise on the growth opportunities with our third party retail partners. The funds will enable us to invest in more stock from the Autumn / Winter 2021 season onwards, including increasing both the number of styles and the number of units per style to be sold through the third party partner websites. In addition, we now also have the capacity to engage with other third party partners in the UK and internationally.

Well positioned to accelerate growth trajectory

Trading in the first quarter of the current financial year has been exceptionally strong with revenue up 45% against Q4 of FY21. This performance is being driven by both new customers, with new orders increasing by 39%, and existing customers, with repeat orders increasing by 41%, versus Q4 FY21.  Year on year Q1 is up 256% reflecting the significant expansion in product range vs last year, investment in customer acquisition this year and the impact of lockdown restrictions lifting.

Alongside the easing of restrictions, we are seeing an increase in sales across all key categories, in particular colourful dresses, tops and denim. Our investment in the product range continues to bear fruit, we are now able to provide our customers with a one stop shop for all social occasions. Whilst we remain cognisant of the associated impact from Covid on freight pricing and supply chains, our diverse supplier base and agility means that we are confident of being able to mitigate any challenges we may face.

Our performance with the third parties continues to go from strength to strength and we are focused on capitalising on the growth opportunities we have with each retailer. We are investing in stock from the Autumn / Winter 2021 season onwards, including increasing both the number of styles and the number of units per style to be sold through their websites.

The successful oversubscribed fundraise completed in May combined with an improving external backdrop and the increased adoption of online shopping as a result of the pandemic, leaves us in an extremely strong position. We are now well placed to accelerate towards profitability as we take advantage of the range of opportunities we see on the horizon and start to benefit from economies of scale.

We are extremely excited for what the future holds and look forward to delivering on our ambition for Sosandar to be a long-term, sustainable success.

 

Ali Hall & Julie Lavington
Date: 19 July 2021

 

 

Financial Review

KPI’s

 Year ended 31 March 2021
£'000
Year ended 31 March 2020
£'000
 Change
Revenue £12,163£9,027  +35%
Gross Profit £5,844£4,381  +33%
Gross Margin 48.0%48.5%  -50bps
Administrative Expenses £8,729£11,662  +25%
Operating Loss £(3,098)£(7,814)  +60%
EBITDA £(2,925)£(7,656)  +62%
 
 Year ended 31 March 2021
Year ended 31 March 2020  Change
Sessions 8,922,7898,032,355  +11%
Conversion rate 3.09%2.67%  +42bps 
Number of orders 276,008214,487  +29%
AOV £82.70£97.14  -15%
Active customers 135,381131,095  +3%
Average Order Frequency 2.081.69  +23%

 

The financial performance of the Group during the year has been very strong despite the unprecedented impact and challenges faced as a consequence of COVID-19. Strong revenue growth, a significant reduction in EBITDA losses and effective preservation and utilisation of cash highlight the strength and agility of the Group; able to not only to withstand the headwinds but to maximise the opportunity despite the changing external environment.

During the year we saw our successful launches with John Lewis and Next in August 2020 and Marks and Spencer in March 2021 helping to further accelerate both brand awareness and incremental profitability.  

Gross Profit

The gross margin remained stable at 48.0% (FY2020 48.5%) despite a higher proportion of promotional activity in order to ensure that inventory sold through, in particular during ‘lockdown’ periods.   The restrictions placed on consumers resulting in them not being able to go ‘out-out’ for much of the reporting period has been successfully managed with margins increasing through the final quarter as restrictions loosened.

Inventory levels and product sell through are closely monitored and significant energy is invested in ensuring the correct level of stock is ordered to fulfil the projected demand.   

Administrative Expenses

During the year there has been a focus on managing the cash position of the Group and as a consequence administrative costs have reduced by 25% to £8.7m (FY2020 £11.7m).    For the most part the focus during H1 FY2021 was on preserving cash and engaging with the existing customer database, including prospects on our database which had increased substantially during the six months prior to the pandemic.   Customer acquisition activity recommenced in September with a substantial improvement in the return on investment as a greater number of new customer orders were generated from half the cost.   This improvement reflected the expanded product range and the data driven learnings from the activity undertaken in H2 FY2020 as each element of the marketing mix was optimised.

Cashflow

The Group had a net position of £3.93m at 31 March 2021 (FY2020 £5.33m) which had only dropped marginally since July 2020 (£4.40m) demonstrating successful management throughout these unprecedented times.

The cash position was further strengthened post period end with an oversubscribed placing and PrimaryBid offer which raised gross proceeds of £5.77m.   The Group intends to use the proceeds to:

  • capitalise on the growth opportunity with its third party retail partners where currently on average only nine per cent of the product range is available for sale.  In particular, focus will be on investing in stock from the Autumn / Winter 2021 season onwards, including increasing both the number of styles and the number of units per style to be sold through the third party partner websites;
  • provide additional funding to engage with other third party partners in the UK and internationally; and
  • provide additional working capital and further balance sheet flexibility to support other incremental growth initiatives.

Consolidated statement of comprehensive income
For the Year ended 31 March 2021

  Year ended 31 March Year ended 31 March
  2021 2020
 Notes £’000 £’000
Revenue from contracts with customers  12,163 9,027
Operational costs  (6,319) (4,646)
Gross profit  5,844 4,381
Other operating income 3 135 -
Administrative expenses  (8,729) (11,662)
Share-based payment 18 (175) (375)
Depreciation and amortisation 10,11 (163) (151)
Operating loss  (3,088) (7,807)
Finance income 5 - 3
Finance costs 6 (10) (10)
Loss on ordinary activities before taxation  (3,098) (7,814)
Tax on loss on ordinary activities 8 - -
Loss for the year  (3,098) (7,814)
Other comprehensive income  - -
Total comprehensive loss for the period  (3,098) (7,814)
    
   
Loss per share:    
Loss per share – basic and diluted, attributable to ordinary equity holders of the parent (pence) 9 (1.61) (5.14)

 

Consolidated Statement of Financial Position
As at 31 March 2021

 
 
 
 As at
31 March
As at 31 March
  2021 2020
 Notes £’000 £’000
Assets    
Non-current assets    
Intangible assets 10 198 198
Property, plant and equipment 11 165 282
Total non-current assets  363 480
    
Current assets    
Inventories             12 2,866 3,810
Trade and other receivables 15 728 1,001
Cash and cash equivalents 16 3,928 5,333
Total current assets  7,522 10,144
Total assets  7,885 10,624
    
Equity and liabilities    
Equity    
Share capital 17 192 192
Share premium 17 41,592 41,592
Capital Reserves  4,648 4,648
Other reserves  657 482
Reverse acquisition reserve  (19,596) (19,596)
Retained earnings 19 (22,512) (19,414)
Total equity  4,981 7,904
    
Current liabilities    
Trade and other payables 20 2,855 2,594
Lease liability  21 49 77
Total current liabilities  2,904 2,671
 
Non current liabilities    
Lease liability  21 - 49
Total non current liabilities  - 49
 
Total liabilities  2,904 2,720
Total equity and liabilities  7,885 10,624

 

Consolidated Statement of Cash Flows
For the Year ended 31 March 2021

  Year ended 31 March Year ended 31 March
  2021 2020
 Notes £’000 £’000
Cash flows from operating activities    
Group loss for the period  (3,098) (7,814)
Share based payments 18 175 375
Depreciation and amortisation 10, 11 163 151
Finance costs  10 7
Working capital adjustments:    
   Change in inventories  944 (2,773)
   Change in trade and other receivables  273 (635)
   Change in trade and other payables  261 1,614
Net cash flow from operating activities  (1,272) (9,075)
    
Cash flow from investing activities    
Addition of property, plant and equipment  (34) (129)
Addition of intangibles  (12) -
Bank interest paid 6 (5) -
Bank interest received 5 - 3
Net cash flow from investing activities  (51) (126)
    
Cash flow from financing activities    
Net proceeds from issue of equity instruments  - 10,965
Lease payment  (82) (76)
Net cash flow from financing activities  (82) 10,889
    
Net change in cash and cash equivalents  (1,405) 1,688
    
Cash and cash equivalents at beginning of period 16 5,333 3,645
Cash and cash equivalents at end of period 16 3,928 5,333

 

Consolidated Statement of Changes in Equity
For the Year ended 31 March 2021

  Share
capital
Share
premium
Reverse
acquisition
reserve
Capital
redemption
reserve
Retained
earnings
Share
based
payment
reserve
Total
 Notes £’000 £’000 £’000 £’000 £’000 £’000 £’000
Sosandar PLC         
Balance at 31 March 2019  116 30,703 (19,596) 4,648 (11,600) 107 4,378
Loss for the year  - - - - (7,814) - (7,814)
Share-based payments  - - - - - 375 375
Issue of share capital  76 11,924 - - - - 12,000
Costs on issue of share capital - (1,035) - - - - (1,035)
Balance at 31 March 2020 192 41,592 (19,596) 4,648 (19,414) 482 7,904
Loss for the year  - - - - (3,098) - (3,098)
Share-based payments 18 - - - - - 175 175
Issue of share capital 17 - - - - - - -
Costs on issue of share capital 17 - - - - - - -
Balance at 31 March 2021  192 41,592 (19,596) 4,648 (22,512) 657 4,981

Share capital is the amount subscribed for shares at nominal value.

Share premium represents the excess of the amount subscribed for share capital over the nominal value of those shares net of share issue expenses.

Share based payments reserve relate to the charge for share-based payments in accordance with International Financial Reporting Standard 2.

Retained earnings represent the cumulative loss of the Group attributable to equity shareholders.

Reverse acquisition reserve relates to the effect on equity of the reverse acquisition of Thread 35 Limited.

Capital redemption reserve represents the aggregate nominal value of all the deferred shares repurchased and cancelled by the Company. The reserve is non-distributable.

 

 

Company statement of financial position
For the Year ended 31 March 2021

  As at 31 March As at 31 March
  2021 2020
 Notes £’000 £’000
Assets    
Non-current assets    
Investments 13 6,282 6,282
Loans to subsidiaries 14 - 16,950
Total non-current assets  6,282 23,232
    
Current assets    
Trade and other receivables 15 38 132
Cash and cash equivalents 16 2,952 4,819
Total current assets  2,990 4,951
Total assets  9,272 28,183
    
Equity and liabilities    
Equity    
Share capital 17 192 192
Share premium 17 41,592 41,592
Other reserves  657 482
Capital Reserves  4,648 4,648
Retained earnings 19 (37,847) (18,996)
Total equity  9,242 27,918
    
Current liabilities    
Trade and other payables 20 30 265
Total current liabilities  30 265
Total liabilities  30 265
Total equity and liabilities  9,272 28,183

 

In accordance with the provisions of the Companies Act 2006, the Company has not presented a statement of profit or loss and other comprehensive income. The Company's loss for the year was £18,851k (2020: £95k profit).

 

Company statement of Cash flows
For the Year ended 31 March 2021

  Year ended 31 March Year ended 31 March
  2021 2020
 Notes £’000 £’000
Cash flows from operating activities    
Profit/(loss) for the year  (18,851) 95
Impairment of investments and loans to subsidiaries 13 - -
Interest on intercompany loan  - (652)
Waiver of intercompany loan  18,366  
Share based payments 18 175 375
Working capital adjustments:    
   Change in trade and other receivables 15 94 (124)
   Change in trade and other payables 20 (235) 230
Net cash flow from operating activities  (451) (76)
    
Cash flow from investing activities    
Loans to subsidiaries 14 (1,416) (9,204)
Net cash flow from investing activities  (1,416) (9,204)
    
Cash flow from financing activities    
Net proceeds from issue of equity instruments  - 10,965
Net cash flow from financing activities  - 10,965
    
Net change in cash and cash equivalents  (1,867) 1,685
Cash and cash equivalents at beginning of period 16 4,819 3,134
Cash and cash equivalents at end of period 16 2,952 4,819

 

 

Company statement of changes in equity
For the Year ended 31 March 2021

  Share capital Share premium Share based payment reserve Capital redemption   reserve Retained earnings Total
 Notes £’000 £’000 £’000 £’000 £’000 £’000
Sosandar PLC        
Balance at 31 March 2019  116 30,703 107 4,648 (19,091) 16,483
Profit for the year  - - - - 95 95
Issue of share capital  76 11,924 - - - 12,000
Costs on issue of share capital  - (1,035) - - - (1,035)
Shares based payments  - - 375 - - 375
Balance at 31 March 2020 192 41,592 482 4,648 (18,996) 27,918
Loss for the year  - - - - (18,851) (18,851)
Issue of share capital 17 - - - - - -
Costs on issue of share capital  - - - - - -
Shares based payments 18 - - 175 - - 175
Balance at 31 March 2021  192 41,592 657 4,648 (37,847) 9,242

 

Share capital is the amount subscribed for shares at nominal value.         

Share premium represents the excess of the amount subscribed for share capital over the nominal value of those shares net of share issue expenses.

Share-based payments reserve relate to the charge for share-based payments in accordance with International Financial Reporting Standard 2.

Retained earnings represent the cumulative loss of the Company attributable to the equity shareholders.

Capital redemption reserve represents the aggregate nominal value of all the deferred shares repurchased and cancelled by the Company. The reserve is non-distributable.

Notes

Notes to the Financial Statements are available in the printable PDF version

Page last updated: 20 July 2021

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