27 November 2019
Building on initial successes with significant sales momentum
Sosandar PLC (AIM: SOS), the online women's fashion brand, is pleased to announce its unaudited results for the six months ended 30 September 2019.
The full results are available to
- Revenue increased by 53% to £2.82 million (6 months to 30 September 2018: £1.84 million)
- Gross margin of 54% (6 months to 30 September 2018: 55%)
- Gross profit increased to £1.5 million (6 months to 30 September 2018: £1.01 million)
- Underlying EBITDA loss of £2.7 million (6 months to 30 September 2018: £1.96 million), reflecting the increased upfront investment into the team, product and marketing
- Period-end cash balance of £6.9 million following the oversubscribed placing in July
- Order growth of 47% to 64,709
- Returns decreased to 49% (6 months to 30 September 2018: 52%) thanks to increasing data in the business influencing product development
- Customer database grew 76% and active customers increased by 70% reflecting the increased brand awareness following the trial of new marketing initiatives
- Team expansion has helped to deliver increasing choice with new styles up 106% in September vs last year
- Increased the number of clothing suppliers by 153% to support product expansion
- Achieved sales growth of well over 100% in October, a performance which November is on course to exceed
- Revenue to date in H2 has already exceeded full Q2 numbers
- Subscriber sign-ups 309% up on prior year post-period (Q3 to date)
- On track to meet management’s expectations for the full year
|6 months ended 30
|6 months ended 30
|Number of orders||64,709||43,979||47%|
|Average Order Value||£97.55||£105.42||-7%|
|Active Customer Base||75,056||44,096||70%|
|Repeat Order Rate||1.66||1.53||8%|
Ali Hall and Julie Lavington, Joint CEOs, commented:
“We are delighted to be reporting on a period of significant progress for Sosandar. The investments that were made in the latter part of the second quarter have resulted in exceptional Autumn trading. Post period end, October was particularly notable, as we hit a special milestone - the first month where net revenues exceeded £1 million, a performance which November is on course to exceed.
It is becoming increasingly clear that once customers engage with Sosandar’s product range and unique design aesthetics they remain loyal to, and highly engaged with the brand. We have seen continued database growth post period, with our number of subscribers in September up 26% month on month and new subscribers tracking over 300% up versus the same period last year.
Our vision is to be a global one-stop online destination for our customers, and with a widened product range, strong balance sheet, and a broadened, aggressive, and increasingly effective marketing strategy, we are confident that FY20 will be an important next step in that journey.
An analyst meeting will be held at 11:00am today at Octagon Point, St Paul's, 5 Cheapside, London, EC2V 6AA. To attend please contact Alma PR.
Overview of the Company's results
|Julie Lavington / Ali Hall, Joint CEOs||c/o Alma PR|
|Shore Capital||+44 (0) 20 7408 4090|
|Patrick Castle / Mark Percy / James Thomas|
|Alma PR Limited (Financial PR)||+44 (0) 203 405 0205|
|Rebecca Sanders-Hewett / Susie Hudson / Sam Modlin||[email protected]|
About Sosandar PLC
Sosandar is an online womenswear brand, specifically targeted at a generation of women who have graduated from throwaway fashion and are looking for quality, affordable clothing with a premium, trend-led aesthetic. This is a section of the market that is currently being underserved.
Sosandar was launched in September 2016. The Sosandar business model is built around using trend-led, exclusive designs produced in-house and then manufactured using a variety of global suppliers. Sosandar caters for a growing market of fashion-conscious women, while utilising an outsourced logistics provider that can support its planned growth over the coming years.