(Alliance News) - Sosandar PLC reported on Tuesday that it had swung to an annual profit as revenue surged, pointing to increased demand for its products across all categories.
Shares in Sosandar were down 6.5% at 23.62 pence in London on Tuesday morning.
Sosandar, a Cheshire, England-based online women's fashion brand, reported pretax profit in its financial year that ended March 31 of GBP1.6 million, against a loss of GBP554,000 the prior year. The company said this was its first full year of profitability.
Revenue was up 44% to GBP42.5 million, from GBP29.5 million the prior year, which the company said was boosted by its online website and through third-party platforms.
The company swung to earnings before interest, tax, depreciation, and amortization of GBP1.9 million, from a loss of GBP229,000 the prior year.
Administrative expenses increased by 30% to GBP22.2 million from GBP17.0 million year-on-year, though administrative expenses as a proportion of revenue reduced to 52% from 58% the prior year.
Total assets were up 19% to GBP12.6 million from GBP10.6 million.
The company declared no dividend for its financial year, unchanged from financial 2022.
"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," said Co-Chief Executive Officers Ali Hall and Julie Lavington.
"The sustained growth in revenue and profitability is testament to our ability to deliver a unique quality product offering and highly effective marketing strategy, that resonates with our customer base."
The company said its current financial year had started pleasingly, and that trading was in line with expectations for full year growth.
"The Sosander product range continues to resonate with our customers and we are committed to ensuring that we offer them a seamless customer experience through all of our sales channels, and continue to deliver for all our stakeholders," said Chair Nicholas Mustoe.
By Will Neill, Alliance News reporter
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Sosandar (SOS)