(Sharecast News) - In the Style swung to an annual profit in its first results as a public company as the womenswear group's revenue more than doubled in the shift to online shopping during the pandemic.
Pretax profit for the year to the end of March was £125,000 compared. with a £2.16m loss a year earlier as revenue rose 132% to £44.7m. Adjusted pretax profit, excluding the cost of the company's initial public offering, was £2.47m.
In the Style has boomed during the pandemic as shoppers have moved online, leading to an oversubscribed IPO in March when it raised £11m for expansion by selling shares for 200p each. The company has a niche selling collections endorsed by so-called influencers such as UK TV personalities Dani Dyer and Stacey Solomon.
The company said trading in the current financial year was strong and that first-quarter sales were up 44% on a year earlier. Direct online and wholesale channels performed well as several successful collections, including Solomon's, were launched.
Adam Frisby, founder and chief executive, said: "FY21 was a transformational year for In The Style, during which we delivered outstanding growth and strategic progress. We have maintained very positive trading momentum through the early part of FY22 despite the strong prior year comparatives and continue to progress well against our strategic objectives."
In the Style's AIM-traded shares rose 1.1% to 225p at 10:16 BST.
29 Mar 2023 18:19
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