Online fashion chain Sosandar has reported that both its sales and pre-tax losses doubled, in annual results released today.
The Cheshire -based firm founded in 2016 said for the year ending March 31, revenue had soared by 103% - up to £9.03m from £4.44m, however pre-tax losses were up to £7.66m from £3.49m.
The Wilmslow company also revealed that it was "delighted" with the Q1 results for the new year - and that it has successfully increased year-on-year revenue by 54% whilst simultaneously reducing operating costs by 71% to help drive a 69% improvement in its loss position.
The financial year included a 108% increase in orders, a 128% increase in web visits and investment in team, supply chain and marketing.
That's as well as a year-end cash position of £5.25m, which reduced to £4.42m at the end of April 2020 due to the "unwind of committed spend".
A statement from co-CEOs Ali Hall and Julie Lavington said: "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.
"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.
"This is testament to the brand and the market opportunity we identified.
"We're incredibly proud of the team for their hard work and dedication in unprecedented conditions and grateful to our supply chain and customers for their continued support."
It added: "The resilient performance achieved throughout Q1 has continued into Q2 of our current financial year. 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."
