// Studio sales rise in the final quarter of its 2020/21 financial year.
// Overall product sales grew 43% for the full year
// The proportion of sales coming from the Studio App increased by 25% during the fourth quarter
Studio has seen its sales rise by a colossal 88 per cent year on year in the 13 weeks to March 26, the final quarter of its 2020/21 financial year.
However, the home shopping company has failed to find a buyer.
Overall product sales at the group formerly known as Findel grew 43 per cent for the full year, and gross margin was up 290 basis points year on year.
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The proportion of sales coming from the Studio App has increased by 25 per cent during the fourth quarter.
Based on its unaudited draft results, the adjusted profit before for the 2021 financial year is expected to be £48 million to £50 million, up 75 per cent to 83 per cent on £27.3 million in the 2019/20 financial year.
The online retailer also announced the conclusion of its strategic review.
“During the course of the strategic review, the company and its financial advisers contacted a significant number of parties to participate in the formal sale process,” Studio said.
“Despite engaging extensively with many of these parties, discussions did not progress beyond receiving qualified, indicative and non-binding expressions of interest for the company.”
Meanwhile, the group has agreed to sell its education arm, Findel Education to West Moorland 221, a newly formed company owned by investment funds managed by Endless, for £30 million on a debt-free, cash-free basis.