Sosandar tops expectations with record quarterly performance

Revenues for the three months ended 31 December 2019 were above management's expectations at £3.8m - a 136% increase on the same period in 2018 and "significantly exceeding" the £2.8m in sales generated over the entire first half of the trading year.

The AIM-listed group said this was driven by product range expansion and increased TV investment after a successful trial back in September.

Sosandar's customer database increased 109% to 207,672, while average order value grew to £101.97, an increase on the first half as cold weather drove sales of higher price point items.

Repeat orders increased 140% to 51,320 and total orders increased 140% to 84,304. Gross margins for the quarter came to 52%.

Joint chief executives Ali Hall and Julie Lavington said: "The opportunity we identified appears to be bigger that we first thought, with the success of new product areas helping to drive repeat purchases increasing the potential for future ranges.

"This has been enhanced by the successful trial in TV advertising which, combined with the already established channels of social, direct mail and PR, expands our ability to attract more new customers than originally anticipated."

As of 0835 GMT, Sosandar shares were up 2.30% at 28.90.