// Sosandar revenue skyrockets but losses widen as it remains cautious
// The group made investments in its team, supply chain and marketing
Sosandar has recorded a growth in revenue as co-chief executives Ali Hall and Julie Lavington remain “cautiously optimistic” about its future.
After signing a deal with John Lewis and Next, the online womenswear retailer will see its products sold on the companies’ websites from the next quarter.
For the year to March 31, Sosandar saw revenue rise by 103 per cent to £9.03 million, compared to £4.44 million in the prior period.
However, adjusted EBITDA losses widened from £3.41 million to £7.3 million as Sosandar continued to make investments in its team, supply chain and marketing.
“We’re delighted to report another year of growth, and one in which we achieved a significant shift in terms of customer base and infrastructure, providing stronger foundations for continued future growth,” Hall and Lavington said.
“This proved especially valuable during lockdown where having a larger base of customers, combined with an enhanced product offering, allowed us to navigate difficult trading conditions, growing our customer base further and increasing their order frequency whilst preserving cash.
“Resilient performance achieved throughout Q1 has continued into Q2.
“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.
“We remain cautiously optimistic about the coming months and more excited than ever about the longer-term prospects for Sosandar.”
In June, Sosandar appointed Stephen Dilks as its new finance director, who will take over from James Bowling, the current head of finance.
Dilks will join Sosandar on September 7 and Bowling will remain in his role until September 18 to ensure an orderly handover.