Sosandar delivers 'robust' FY24 performance

(Sharecast News) - Clothing brand Sosandar said on Tuesday that it had delivered a "robust" FY24 performance, with a continued focus on margins, profitability and cash generation. Sosandar said net revenues grew 9% to £46.3m in the year ended 31 March, while gross margins improved from 56.2% to 57.6%.

The AIM-listed group also delivered a pre-tax loss of £300,000 for FY24 as an upswing to an H2 pre-tax profit of £1.0m partly offset its H1 loss of £1.3m.

Sosandar also delivered strong cash generation in H2, resulting in an improved net cash position of £8.3m, up from £7.7m at the end of the 2023 calendar year.

As far as recent trading was concerned, Sosandar said it had swung from a Q124 pre-tax loss of £800,000 to a Q125 pre-tax loss of £200,000. Net revenues fell from £11.4m in Q124 to £8.2m in Q125.

Co-chief executives Ali Hall and Julie Lavington said: "We have delivered a robust financial performance for FY24, delivering a profitable second half, accelerating revenue growth whilst at the same time growing our margin and generating cash. This performance has been achieved against one of the most challenging backdrops our industry has experienced and is a testament to how our customers feel about our on-trend, affordable, long-lasting, lifestyle-appropriate clothes."

As of 1005 BST, Sosandar shares were up 1.07% at 10.36p.

Reporting by Iain Gilbert at Sharecast.com