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(Alliance News) - Shares in Sosandar PLC rose on Wednesday after announcing that it expects its annual results to be ahead of market expectations, with a significantly reduced loss and more than doubled revenue.
Shares in the Cheshire, England-based online women's fashion brand were 19% higher at 28.62 pence on Wednesday in London.
For the year ended March 31, Sosandar expects to report a sharply narrowed loss before interest, tax, depreciation and amortisation from GBP2.9 million reported the year before, driven by revenue reaching GBP29.0 million, more than doubled from GBP12.2 million.
Current market expectations had tipped for Sosandar to report a loss of around GBP900,000, on GBP27.1 million in revenue for the 2022 financial year.
Over the year, the group reported an 84% increase in orders to 508,473, and a 9% rise in the average order value to GBP90.39 from GBP82.70.
"This has truly been a milestone year for Sosandar, and we are delighted with what the team has achieved over the past 12 months. We successfully executed our strategy across own site and third parties, building momentum in H2 and ultimately delivering our first six months of profitability which is a pivotal moment for us all. This outstanding performance means we now anticipate FY22 results to be ahead of current market expectations," said co-Chief Executive Officers Ali Hall and Julie Lavington.
Also on Wednesday, Sosandar announced the start of a wholesale agreement with online retailer The Very Group in March, allowing its products to be sold through Very.co.uk. In addition, the group has extended its partnership with FTSE 100 clothing retailer Next PLC, with Sosandar products still being sold through Platform Plus.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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