LONDON (Alliance News) - Koovs PLC on Tuesday reported a widened pretax loss in the first half of its financial year as it works to build up its business, but revenue rose as the number of customers increased.
The Indian online fashion retailer said it made a pretax loss of GBP5.7 million in the six months ended September 30, wider than the GBP3.6 million loss it made in the same period the year before, as it continues to invest in the company.
Revenue jumped to GBP2.0 million from GBP0.8 million, however, as website traffic increased to 16.4 million visits from 7.2 million visits, and the number of active customers rose to 182,000 from 56,800.
Koovs was incorporated as an online fashion retailer in October 2013 following its acquisition of Koovs India. Prior to this, its principal activity was to provide design and merchandising services to Koovs India.
"We have a clear strategy and fundraising plan to scale the business and deliver continued growth," Chairman Waheed Alli said in a statement.
Shares in Koovs were untraded Tuesday morning, last quoted at 26.50 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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