Press Release11 July 2023
A milestone year delivering first full year of profitability and laying the foundations for next stage of growth journey
Sosandar PLC (AIM: SOS), one of the fastest growing fashion brands in the UK creating quality, trend-led products for women of all ages, is pleased to announce its financial results for the year ended 31 March 2023 and an update on trading for Q1 of the current financial year.
FY23 has been a transformational year for Sosandar as the Group delivered a strong financial performance including increases in both revenue and profitability despite the challenging macroeconomic conditions. Sosandar has seen continued progression against its KPIs with growth across all metrics on its own site and sustained momentum with third party partners.
FY2023 Financial Highlights
FY2023 Operational and Strategic Highlights
Post-period Trading Highlights
* Sosandar believes that market expectations for the year ending 31 March 2024 are currently revenue of £57.0 million, and PBT of £2.8 million.
FY2023 KPIs (Own Site)
Ali Hall and Julie Lavington, Co-CEOs commented:
“We are delighted to report on what has been a transformational year for Sosandar. Despite the challenging macroeconomic backdrop, we have seen increasing demand for our products across all categories with strong trading across both Sosandar.com and through our third-party partners. The sustained growth in revenue and profitability throughout the period is testament to our ability to deliver a unique quality product offering and highly effective marketing strategy, that resonates with our customer base. Our success to date would not be possible without the commitment and dedication of our team and we would like to take this opportunity to extend our appreciation to all of our staff for their hard work during the year.
As Sosandar continues to grow, we remain committed to investing in our product range to offer our customers an ever-growing variety of on-trend, affordable, long lasting, lifestyle appropriate clothes. We are delighted to report that demand for our fast-tracked product range has continued to increase with knitwear, formal tailoring, coats, partywear, summer occasion wear and swim and beach wear all performing particularly well during the year.
Our third-party partnerships continue to perform extremely well and we were delighted to become an omnichannel retailer through our partnership with Sainsbury’s. The partnership will accelerate growth in our market share and the awareness of our brand as we provide our large but underserved demographic with more opportunities to purchase our unique and diverse products. We are also excited that we will imminently be able to transact and fulfil orders worldwide through our agreement with Global-e which is set to go live this month, providing women across the globe with access to our unique and diverse product range.
The momentum built throughout FY23 has continued into FY24 with current trading in line with expectations. We are very excited for the opportunity available to us in FY24 and beyond as we deploy the money raised from our over-subscribed equity fundraise in January 2023 to support our growth both in the UK and internationally.”
Presentations
Sosandar is hosting a webinar for analysts at 09:00 hrs BST today. If you would like to register, please contact sosandar@almapr.co.uk
The Company is also hosting a webinar for retail investors at 12:30 hrs BST today. If you would like to attend, please register here: https://bit.ly/SOS_FY_results_webinar
Enquiries
This announcement contains inside information for the purposes of the retained UK version of the EU Market Abuse Regulation (EU) 596/2014 (“UK MAR”).
About Sosandar plc
Sosandar is one of the fastest growing women’s fashion brands in the UK targeting style conscious women who have graduated from price-led alternatives. The Company offers this underserved audience fashion-forward, affordable, quality clothing to make them feel sexy, feminine, and chic. The business sells predominantly own-label exclusive product designed in-house.
Sosandar’s product range is diverse, providing its customers with an array of choice for all occasions across all women’s fashion categories. The company sells through Sosandar.com and has brand partnerships in place with Next, John Lewis, Marks & Spencer, The Very Group, JD Williams and J Sainsbury.
Sosandar’s strategy is to continue growing brand awareness and expand its customer database, whilst also further driving its high levels of customer retention. This is achieved through its exceptional products, seamless customer experience and impactful, lifestyle marketing activities all of which is underpinned by combining innovation with data analysis.
Sosandar was founded in 2016 and listed on AIM in 2017. More information is available at www.sosandar-ir.com
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