(Alliance News) - Online women's fashion brand Sosandar PLC said Wednesday its interim loss deepened as it invested heavily, whilst revenue grew strongly.
For the six months ended September, pretax loss deepened to GBP2.8 million from GBP2.0 million the year prior. This was despite revenue jumping 56% to GBP2.8 million from GBP1.8 million the year before.
Profit performance was hurt by administrative costs surging to GBP4.3 million from GBP3.0 million the year prior.
"We are delighted to be reporting on a period of significant progress for Sosandar," Chief Executive Officers Ali Hall and Julie Lavington said.
"The investments that were made in the latter part of the second quarter have resulted in exceptional autumn trading," Hall and Lavington added. "Post period end, October was particularly notable, as we hit a special milestone - the first month where net revenues exceeded GBP1 million, a performance which November is on course to exceed."
"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 financial 2020 will be an important next step in that journey," Hall and Lavington concluded.
Shares in Wilmslow-based Sosandar were 1.0% lower at 24.75 pence in London on Wednesday.
By Ahren Lester; ahrenlester@alliancenews.com
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Sosandar (SOS)