The year marked Sosandar's first full year of profitability, delivering a profit before tax (PBT) of £1.6 million. This indicates a positive swing of £2.2 million compared to the previous year, which recorded a £0.6 million loss, the company said in a press release.
The company maintained its gross margin at 56.1 per cent in FY23, slightly above the 56 per cent reported in FY22.
Sosandar's website continued to experience increased levels of customer engagement, with all key performance indicators (KPIs) showing year-on-year growth. The total orders rose by 22 per cent to reach 621,000, active customers increased by 19 per cent to 265,000, and the conversion rate climbed from 3.87 per cent in FY22 to 4.11 per cent in FY23. The company also reported that the average order frequency has grown, currently sitting at 2.34 times per annum.
"We are delighted to report on what has been a transformational year for Sosandar. 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. The sustained growth in revenue and profitability throughout the period is testament to our ability to deliver a unique quality product offering and highly effective marketing strategy, that resonates with our customer base,” said Ali Hall and Julie Lavington, co-CEOs.
ALCHEMPro News Desk (DP)
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