Sosandar posts first FY profit, revenue up in Q1

British womenswear brand Sosandar has reported its first full-year profit and said trading is off to a good start in the first quarter of the current year.

The company made a pre-tax profit of 1.6 million pounds for the 12 months to March 31 in what it described as a “a transformational year” and despite “challenging macroeconomic conditions”.

That compares to a loss of 0.6 million pounds a year earlier.

Revenue for the year jumped 44 percent to 42.5 million pounds, while gross margin remained flat at 56.1 percent.

“We are delighted to report on what has been a transformational year for Sosandar,” co-CEOs Ali Hall and Julie Lavington said in a joint statement.

Demand across categories

“Despite the challenging macroeconomic backdrop, we have seen increasing demand for our products across all categories with strong trading across both Sosandar.com and through our third-party partners,” they said.

Looking at more recent trading, revenue in the first quarter is up 10 percent to 11.4 million pounds.

The brand said its current trading is “in line with market expectations reflecting strong performance on both own site and through third-party partners”.

Hall and Lavington said: “The momentum built throughout FY23 has continued into FY24 with current trading in line with expectations.

“We are very excited for the opportunity available to us in FY24 and beyond as we deploy the money raised from our over-subscribed equity fundraise in January 2023 to support our growth both in the UK and internationally.”