Sosandar plc has reported its first full year of profitability after revenue grew 44%.
The eCommerce fashion brand, which targets women of all ages, said turnover hit £42.5 million in the financial year ended 31st March 2023.
Profit before tax was at least £1.6m, a substantial positive swing of £2.2m versus a £600,000 loss in FY22.
The company, headquartered in Wilmslow, Cheshire, sells through its own website as well as through channel partners John Lewis, Marks and Spencer, Next, The Very Group and JD Williams.
Late last year it agreed a deal with Sainsbury’s and began to sell a selected range of products through its website. It plans to launch in the supermarket’s physical stores from August.
Active customer numbers increased 19% to almost 265,000, while average order value was up 8% to £97.27.
“We are delighted to be reporting a milestone year. Sosandar has grown from a true startup business just six years ago to a brand which is delivering multi-million-pound revenue and is profitable,” said Ali Hall and Julie Lavington, co-CEOs (pictured above).
“We are incredibly proud to have Sosandar clothes now being sold in the UK’s biggest retailers, and we have now built the infrastructure to start serving our target customers internationally.
“We see a number of opportunities for further growth both on our own site and through our third party partners in the coming months and beyond as we continue to move forward with our objective to make Sosandar one of the largest womenswear brands globally.”
The firm has net cash of £10.5m following its successful equity fundraise of £5.5m in February.
Sosandar is currently being chaired on an interim basis by non-executive director Nick Mustoe following the sudden death of its previous chairman Bill Murray, who has worked with the business since 2014.