(Alliance News) - Online women's fashion brand Sosandar PLC on Tuesday reported a widened annual loss, but said it is pleased with its start to the new financial year.
Revenue for the year to March 31 came in at GBP9.0 million, double the GBP4.4 million posted a year before. However, pretax loss widened to GBP7.8 million from GBP3.5 million, as administrative expenses also doubled to GBP11.7 million from GBP5.9 million.
The Wilmslow, Cheshire-based firm added that it is "delighted" with trading at the start of its current financial year. In the first quarter, revenue rose 54% year-on-year while operating costs were cut 71%, and this momentum has continued into July with sales up 57%.
"The resilient performance achieved throughout Q1 has continued into Q2 of our current financial year. Our increasing confidence underpins our decision to begin increasing marketing spend with careful, controlled investment into customer acquisition from September to November, subject to any further impact of Covid-19," said Ali Hall and Julie Lavington, co-chief executives.
"We remain cautiously optimistic about the coming months and more excited than ever about the longer-term prospects for Sosandar," they added.
Shares in Sosandar were up 0.8% at 18.39 pence in London on Tuesday.
By Lucy Heming;Â lucyheming@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Sosandar (SOS)