We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sosandar Plc | LSE:SOS | London | Ordinary Share | GB00BDGS8G04 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 12.25 | 12.00 | 12.50 | 12.25 | 12.25 | 12.25 | 199,992 | 08:00:15 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Apparel & Accessories, Nec | 42.45M | 1.88M | 0.0076 | 16.12 | 30.41M |
TIDMSOS
RNS Number : 0181H
Sosandar PLC
01 December 2020
Hot Features
Premium
Date: 1 December 2020
On behalf of: Sosandar plc ('Sosandar' or 'the Company')
Embargoed until: 0700hrs
Sosandar plc
Half Year Results and Trading Update
Strong revenue growth, substantial improvement in EBITDA losses and acceleration of sales into the autumn
Sosandar PLC (AIM: SOS), the online women's fashion brand, is pleased to announce its financial results for the six months ended 30 September 2020 and an update on trading to the end of November 2020.
Financial Highlights
-- Revenue growth of 52% to GBP4.28m (H1 2020: GBP2.81m) -- Gross profit of GBP2.24m, a 48% increase on the prior year (H1 2020: GBP1.51m) -- Significant improvement in EBITDA loss, narrowing to GBP1.02m (H1 2020: GBP2.71m)
-- Maintained strong gross margin of 52.3% (H1 2020: 53.6%), with small reduction driven by actions taken during initial lock-down
-- Net cash of GBP4.30m as at 30 September 2020 demonstrating continued careful cost management
Operational and Strategic Highlights
-- High levels of customer engagement with repeat orders during the period, up 88% year on year
-- Significant improvement in marketing ROI with a 26% increase in new customers despite a 47% decrease in marketing spend
-- Rapid expansion of product range into more casual styles with great successes seen in denim, loungewear and knitwear
-- Reduction in returns rate from 49% to 42%
-- Successful launch on John Lewis and Next websites with good sales across all product categories
Autumn Trading Highlights
-- The re-introduction of carefully controlled customer acquisition from September to November has delivered strong results with a record month of revenue in October
-- Monthly sales for September to November increased by 115% compared to the average for the prior five months
-- New daily record for revenue achieved in November
-- 17% growth in revenue vs the same three -month period last year, delivered with a 49% reduction in marketing spend and a reduction in cost of acquisition of 52%
-- 28% increase in new email sign ups in just three months has further strengthened the Company's database and should underpin sales for future months
-- Strong cash position maintained in excess of GBP4.0m as at 30 November 2020
H1 FY2021 KPIs
Six months ended Six months ended Change
30 Sept 2020 30 Sept 2019
------------------ ----------------- ----------------- -------
Sessions 3,713,318 2,287,647 +62%
Conversion rate 2.58% 2.83% -25bps
Number of orders 95,903 64,709 +48%
AOV GBP87.59 GBP97.55 -10%
Active customers 135,426 75,056 +80%
Repeat order
rate 1.85 1.66 +11%
------------------ ----------------- ----------------- -------
Ali Hall and Julie Lavington, Co-CEOs commented:
"We are delighted to be reporting strong revenue growth and a significant improvement in EBITDA despite one of the most challenging periods ever for the retail industry. It is a real achievement and testament to the fantastic team we have built at Sosandar, that we have delivered increased sales, better cost efficiency, better engagement with customers, grown our database and quickly expanded our product range, whilst at the same time significantly reducing marketing spend.
From September onwards, we cautiously increased expenditure on new customer acquisition and trading has quickly gained momentum. We are very pleased to be exceeding the record highs seen last autumn on half the marketing spend.
As one would expect, we are now selling a much wider range of casual and at-home product than before. However, the Sosandar customer has also not lost a taste for glamour, with sales of sequins, leather, fur coats and knee boots remaining strong.
Looking ahead, whilst there remain short term uncertainties due to Covid-19, our long-term focus has not wavered and continues to be on the development of our product, infrastructure and service, alongside most importantly, further building our customer base. The scale of our opportunity is substantial and we are well placed to deliver on our ambition for Sosandar to be a long-term, sustainable success."
Presentations
Sosandar is hosting a webinar for analysts at 0900 hrs GMT today. If you would like to register please contact sosandar@almapr.co.uk
The Company is also hosting a webinar for retail investors at 1200 hrs GMT today. If you would like to attend please register here: https://bit.ly/SOS_H1_results_webinar_piworld
Enquiries
Sosandar plc www.sosandar.com Julie Lavington / Ali Hall, Joint c/o Alma PR CEOs Shore Capital Patrick Castle / James Thomas / Michael McGloin Fiona Conroy (Corporate Broking) +44 (0) 20 7408 4090 Alma PR Limited (Financial PR) +44 (0) 20 3405 0205 Rebecca Sanders-Hewett / Susie Hudson sosandar@almapr.co.uk / Sam Modlin
About Sosandar PLC
Sosandar is an online womenswear brand, specifically targeted at a generation of women who have graduated from throwaway fashion and are looking for quality, affordable clothing with a premium, trend-led aesthetic. This is a section of the market that is currently being underserved.
Sosandar was launched in September 2016. The Sosandar business model is built around using trend-led, exclusive designs produced in-house and then manufactured using a variety of global suppliers. Sosandar caters for a growing market of fashion-conscious women, while utilising an outsourced logistics provider that can support its planned growth over the coming years.
Sosandar's founders are Ali Hall and Julie Lavington, who previously launched and ran high street fashion magazine Look, as editor and publishing director respectively. They have a combined experience of over 35 years in the fashion industry, including in the design, manufacture and sale of fashion ranges for some of the UK's high street retailers, including Debenhams, Office, Oasis and JD Williams.
More information is available at www.sosandar-ir.com
Co-CEO'S Statement
We are extremely proud of what we have achieved in the six-month period to 30 September 2020. We have been able to adapt quickly to the unprecedented challenges and uncertainty, continuing to deliver a strong performance, with significant improvements in revenue and EBITDA combined with extensive further diversification of our product range. Despite the logistical challenges that the pandemic caused, we have maintained a fantastic level of service to customers and made great strides forward in the development of the business.
There is strong demand for our unique offering in the market, and as we grow to satisfy that demand we are continually increasing our efficiency, operational expertise and brand value.
Over the past six months, we have all been navigating uncharted territory. We would like to thank our team, partners and suppliers for their commitment and ongoing enthusiasm for the business. Without their hard work, creativity and strong spirit, we would not have been able deliver these great results.
Robust performance in a challenging environment
Total revenue for the period increased 52% to GBP4.28m, with a 63% reduction in EBITDA losses to GBP1.02m (H1 2020: GBP2.71m loss). The revenue growth in the half represents a strong performance in a challenging trading environment, with the benefits of prior investments made in the business being paid back.
The significant improvement in EBITDA reflects the careful cost management strategy implemented over the period, where we significantly reduced marketing spend, focusing on cash preservation and trading from our already established database. Only in September did we begin increasing investment again in carefully controlled customer acquisition. As a result of this strategy, we have been able to maintain a strong cash position, with net cash as at 30 September 2020 of GBP4.30m, remaining broadly flat from GBP4.34m at 31 July 2020.
The resilience that the business has shown both operationally and financially demonstrates the strength of our business model and continued demand for our products from our highly engaged customer base.
Covid-19 Response: A one-stop destination for our loyal customers, whatever the situation
Our focus throughout this challenging time has been, and continues to be, on ensuring the health and safety of our colleagues whilst also ensuring that Sosandar remains well placed to deliver on its long-term growth ambitions.
At the initial outbreak of the pandemic, we took the strategic decision to efficiently trade the existing customer database built up successfully over the prior six months whilst pausing aggressive new customer acquisition. We believe the success we had trading off our database shows how engaged our customers are with the Sosandar brand.
The nationwide lockdown had an impact on what women wanted to wear, as they largely prioritised clothing that was comfortable, but also made them feel good. Evidencing this, we saw an increase in sales of loungewear (up 3,500%), denim (up 128%) and tops (up 72%). We are an agile business and our online model and entrepreneurial mindset meant we were able to rapidly change stock in response to demand. Our previous investment in our design capability and widening of the product range was vital in us being able to cater to our customers' needs.
We have continued with our strategy of engaging with celebrities and have also had great coverage on fashion slots on breakfast and daytime TV programmes. High profile presenters, actors, singers and dancers frequently wear Sosandar clothes. Most recently professional dancers from Strictly Come Dancing, one of the UK's biggest TV shows, have worn Sosandar for public appearances.
Increasing strength in operations
Despite the logistical challenges that the pandemic caused, we are pleased to say that we did not experience any significant disruption to our manufacturing or distribution lead times. The importance of a diversified and flexible supply base and having partners with the expertise such as Clipper Logistics were underlined during the Covid-19 pandemic.
We were able to successfully flex our warehousing and fulfilment operations to the changing needs of our customers with customer service levels being maintained throughout the pandemic. Clipper Logistics remained operational throughout, adhering to the guidelines set out by the Government and protecting the welfare of all members of staff.
We see our suppliers as partners and have been working with them to manage and adapt production plans very quickly in line with changes in consumer demand. We have also continued to implement our test and repeat strategy with minimal initial order quantities, helping to reduce stock risk. We would like to thank them all for their support over the recent months.
Pleasing KPI performance
We have built excellent relationships with our customer base, and this has been even more evident during the last six months as they have continued to engage with our brand. We kept community spirit high through quality and relevant communication delivered via email and social channels, and our product offering fresh, resulting in repeat orders increasing 88%, site visits up 62% and our active customer base up 80%. We have also seen a 26% increase in new customers over the period. This robust growth in return customers and increase in new customers, despite a significantly decreased marketing spend, demonstrates the longer-term impact of the acquisition marketing strategy in previous periods, and the benefits of holding a larger database which grew by 93% year on year to 287,860.
Average order value for the period was down 10%, reflecting the change in average unit price due to product mix, however units per basket has marginally increased yoy. Gross margin decreased 130bps to 52.3% (H1 2019: 53.6%) with this small reduction being driven by the tactical promotions used during the initial period of lock-down. Since then, we were able to successfully shift customers back to full price purchases with margin quickly returning to normal and remaining stable through the summer months.
We have also seen returns reduced to 42% from 49% in the same period last year. This has been driven partly by product mix, but also by a shift in customer behaviour across all product categories as customers have become more discerning in their purchasing choices.
Returning to the acceleration of growth
The Autumn range has been resonating well with customers as we benefit from the first full peak trading season of knitwear, denim, loungewear and casual outerwear. This success is a consequence of the significant level of investment in FY20 to broaden the product range. We have already had many sell out styles, such as padded coats with fur hoods, jeans in multiple colours and styles and cosy winter jumpers. Interestingly, sequins and bright colours have continued to sell well, reflecting customers' desires to buy clothes to brighten their mood.
During August, we successfully launched with both John Lewis and Next on their website platforms. Initial trading was pleasing as we saw immediate engagement with their customer base with strong sales across all product categories (dresses, leather, denim and separates) and both are already trading expanded ranges.
Following our robust performance, we carefully increased marketing activity in September in order to enhance customer acquisition activity. We committed to a limited amount of advertising on TV, as well as investment in direct mail brochures, to complement existing social and email marketing campaigns. This investment has proved extremely successful with average monthly revenue for September to November increasing sharply by 115% vs the average for the prior five months of lockdown.
Outlook
Whilst the external environment continues to be uncertain, we are more confident than ever in the immediate and long-term prospects for Sosandar. The agile nature of our business has demonstrated that we are well equipped to react and take advantage of any changes in the marketplace.
The marketing initiatives that we reintroduced in September have delivered very good results and have reaffirmed our belief that there is significant demand for our products within our target market. Since customer acquisition was reintroduced in September, sign ups have been comparable with a year ago, but with only half of the spend. The larger database, built up in the prior six months, helped the business successfully trade through the initial lockdown and we believe we are well placed to manage any further restrictions with a total database that has grown by 75,000 in the last three months alone.
Given this significant increase in database, and to maximise the return on investment from our customer acquisition strategy, we will be focusing on engaging with existing customers as well as prospects through the period from December to February.
In the period ahead, we plan to further enhance our operational capabilities. In the new year, for example, we expect to introduce carbon negative delivery bags to complement the cardboard boxes currently used, reflecting customers' increasing desire to shop sustainably. In addition to this, on an ongoing basis, we are reviewing the capability of our systems to ensure they can keep pace with the growth and developments within the business. Given the early success with John Lewis and Next, we expect to develop our offering on both platforms in 2021.
The scale of our opportunity has not changed, and we are well placed to deliver on our ambition for Sosandar to be a long-term, sustainable success.
Financial review
Financial performance
Revenues in the period were up 52% compared to H1 2020, reaching GBP4.28m. This performance was achieved with a 23% reduction in administrative expenses, driven predominantly by a 47% reduction in marketing spend, resulting in the EBITDA loss being significantly reduced to (GBP1.02m) which represents a 63% improvement on the period in the prior year.
The growth in revenue has been achieved during a period of significantly reduced customer acquisition, however the investment undertaken during the previous six months has made this possible. In addition, the repeat order frequency increased by 11% compared with H1 2020 to 1.85 which reflects the focus on engaging with our customers and providing an increased range of product which is relevant. Whilst cash was preserved for much of the period, new customer orders still managed to increase by 26% which further underpins the importance of customer acquisition in H2 FY2020, which enabled this to be possible. In September, the business cautiously started to invest again in marketing with TV and direct mail brochures with excellent results with new customer sign ups almost identical to the prior year but with half of the spend.
In addition to the reduction in marketing spend, the rest of the cost base also reduced compared with H1 2020, which includes efficiencies in head office operations and fulfilment. This includes the saving from placing some staff on furlough and using the government's Coronavirus Job Retention Scheme ('CJRS'), reducing and delaying planned new staff recruitment and being creative with 'at home' product photo shoots which in turn meant reduced travel and photography expenditure.
Cashflow
The business prioritised cash preservation throughout H1 FY2021 with a net position as at 30 September 2020 of GBP4.30m. This cash position is ahead of the internal management projection as prepared in late March and is testament to the work done by the whole team throughout these unprecedented times.
Actions taken to preserve cash
Multiple actions were taken in order to preserve cash whilst at the same time ensuring that funds were channelled into maximising revenue and ensuring the business could still thrive given the changing needs of the customer, particularly with regards to product mix.
Inventory commitments were adjusted including some reductions and switching between product categories in order to maximise the 'work from home' opportunity.
The strategy for the majority of the six month period was engaging with the existing customer database which had been built up over the preceding months and as such marketing expenditure was minimised, particularly with regards to new customer acquisition. Whilst investment was restarted in September, this was in a cautious way to further preserve cash and ensure Return on Investment was maximised.
The government's CJRS helped to subsidise the wages of several members of the team who were placed on furlough. An agreement was made with HMRC to defer and phase PAYE payments.
Financial Position
Inventory has been reduced slightly since the end of H2 FY2020 which incorporates stock held at John Lewis and Next as well as the broader range. Styles which are 'new in' have sold particularly well across growth categories such as denim, loungewear and knitwear. Carry forward stock which would have sold through in more normal times is incorporated into sales planning for Spring and Summer 2021.
Receivables has reduced since H2 FY2020 which included a relatively large repayable VAT position and Payables has reduced whilst also including a larger returns provision following a strong end to the month of September.
Capex remains limited in the business and so the cash available will be used to support working capital required for future growth.
KPI's
6 months ended 6 months ended Change
30 September 2020 30 September 2019
GBP'000 GBP'000
------------------- ------------------- ------------------- --------
Revenue GBP4,284 GBP2,819 +52%
Gross Profit GBP2,241 GBP1,511 +48%
Gross Margin 52% 54% -130bps
Returns rate 42% 49% -700bps
Operating loss GBP(1,098) GBP(2,781) +61%
EBITDA GBP(1,017) GBP(2,713) +63%
------------------- ------------------- ------------------- --------
6 months ended 6 months ended Change
30 September 2020 30 September 2019
------------------- ------------------- ------------------- --------
Sessions 3,713,318 2,287,647 +62%
Conversion rate 2.58% 2.83% -25bps
Number of orders 95,903 64,709 +48%
AOV GBP87.59 GBP97.55 -10%
------------------- ------------------- ------------------- --------
As at 30 September As at 30 September Change
2020 2019
------------------- ------------------- ------------------- --------
Customer database 287,860 148,884 +93%
Active customer
base 135,426 75,056 +80%
Order Frequency 1.85 1.66 +11%
unaudited Consolidated statement of income and other comprehensive income
For the 6 MONTHS ended 30 september 2020
6 months 6 months Year ended
to 30 September to 30 September 31 March
2020 2019 2020
Notes GBP'000 GBP'000 GBP'000
------------------------------------ ------ ----------------- ----------------- -----------
Revenue 4,284 2,819 9,027
Operational costs (2,043) (1,308) (4,646)
------------------------------------ ------ ----------------- ----------------- -----------
Gross profit 2,241 1,511 4,381
Administrative expenses (3,184) (4,161) (11,662)
Share based payment (74) (63) (375)
Depreciation and amortisation (81) (68) (151)
Operating (loss) (1,098) (2,781) (7,807)
Finance income - - 3
Finance cost (4) (5) (10)
------------------------------------ ------ ----------------- ----------------- -----------
Loss on ordinary activities
before taxation (1,102) (2,786) (7,814)
Tax on loss on ordinary activities - - -
------------------------------------ ------ ----------------- ----------------- -----------
Profit/(Loss) for the period (1,102) (2,786) (7,814)
Other Comprehensive income - - -
Total Comprehensive income
for the period (1,102) (2,786) (7,814)
------------------------------------ ------ ----------------- ----------------- -----------
Attributable to:
Equity holders of the parent (1,102) (2,786) (7,814)
Non-controlling interests - - -
------------------------------------ ------ ----------------- ----------------- -----------
Group loss for the period (1,102) (2,786) (7,814)
Exchange translation differences - - -
------------------------------------ ------ ----------------- ----------------- -----------
Total comprehensive loss
for the period (1,102) (2,786) (7,814)
Loss per share:
Loss per share - basic and
diluted, attributable to
ordinary equity holders of
the parent (pence) 5 (0.57) (2.11) (5.14)
------------------------------------ ------ ----------------- ----------------- -----------
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2020
As at As at As at
30 September 30 September 31 March
2020 2019 2020
Notes GBP'000 GBP'000 GBP'000
------------------------------- ------ -------------- -------------- ----------
Assets
Non-current assets
Intangible assets 192 175 198
Right-of-use assets 80 155 117
Property, plant and equipment 149 144 165
------------------------------- ------ -------------- -------------- ----------
Total non-current assets 421 474 480
------------------------------- ------ -------------- -------------- ----------
Current assets
Inventories 3,773 1,920 3,810
Trade and other receivables 624 415 1,001
Cash and cash equivalents 4,538 6,875 5,333
Total current assets 8,935 9,210 10,144
------------------------------- ------ -------------- -------------- ----------
Total assets 9,356 9,684 10,624
------------------------------- ------ -------------- -------------- ----------
Equity and liabilities
Equity
Share capital 4 192 163 192
Share premium 4 41,592 37,298 41,592
Capital Reserves 4 4,648 4,648 4,648
Other reserves 556 170 482
Reverse acquisition reserve 4 (19,596) (19,596) (19,596)
Retained earnings (20,516) (14,386) (19,414)
------------------------------- ------ -------------- -------------- ----------
Equity attributable to owners
of the parent 6,876 8,297 7,904
Total equity 6,876 8,297 7,904
------------------------------- ------ -------------- -------------- ----------
Current liabilities
Trade and other payables 2,391 1,226 2,594
Lease liability 89 30 77
------------------------------- ------ -------------- -------------- ----------
Total current liabilities 2,480 1,256 2,671
------------------------------- ------ -------------- -------------- ----------
Non-Current liabilities
Lease liability 0 131 49
------------------------------- ------ -------------- -------------- ----------
Total liabilities 2,480 1,387 2,720
------------------------------- ------ -------------- -------------- ----------
Total equity and liabilities 9,356 9,684 10,624
------------------------------- ------ -------------- -------------- ----------
unaudited Consolidated statement of cash flows
For the 6 months ended 30 september 2020
6 months 6 months Year
to September to September ended
2020 2019 31 March
2020
GBP'000 GBP'000 GBP'000
-------------------------------------------- -------------- -------------- ----------
Cash flows from operating activities
Group loss for the period (1,102) (2,786) (7,814)
Share based payments 74 63 375
Depreciation and amortisation 81 68 151
Net finance costs 4 5 7
Adjustment for reverse acquisition - - -
Working capital adjustments:
Change in inventories 37 (883) (2,773)
Change in trade and other receivables 377 (49) (635) Change in trade and other payables (167) 246 1,614 Net cash flow from operating activities (696) (3,336) (9,075) --------------------------------------------- -------------- -------------- ---------- Cash flow from investing activities Addition of property, plant and equipment, and intangibles (59) (40) (129) Bank interest received - - 3 --------------------------------------------- -------------- -------------- ---------- Net cash flow from investing activities (59) (40) (126) --------------------------------------------- -------------- -------------- ---------- Cash flow from financing activities Payment of lease liability Net proceeds from issue of equity instruments - 6,642 10,965 Payment of lease liabilities (40) (36) (76) --------------------------------------------- -------------- -------------- ---------- Net cash flow from financing activities (40) 6,606 10,889 --------------------------------------------- -------------- -------------- ---------- Net change in cash and cash equivalents (795) 3,230 1,688 Cash and cash equivalents at beginning of period 5,333 3,645 3,645 --------------------------------------------- -------------- -------------- ---------- Cash and cash equivalents at end of period 4,538 6,875 5,333 --------------------------------------------- -------------- -------------- ----------
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
Share Share Reverse Capital Retained Share Total
capital premium acquisition redemption earnings based
reserve reserve payment
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- --------- --------- ------------- ------------ ---------- --------- --------
Balance at 30
Sep 2019 163 37,298 (19,596) 4,648 (14,386) 170 8,297
Loss for 6 months - - - - (5,028) - (5,028)
Share based payments - - - - - 312 312
Issue of share
capital 29 4,971 - - - - 5,000
Issue Costs - (677) - - - - (677)
Balance at 31
March 2020 192 41,592 (19,596) 4,648 (19,414) 482 7,904
---------------------- --------- --------- ------------- ------------ ---------- --------- --------
Loss for the
6 months - - - - (1,102) - (1,102)
Shares based
payments - - - - - 74 74
Issue of share - - - - - - -
capital
Issue Costs - - - - - - -
Balance at 30
Sep 2020 192 41,592 (19,596) 4,648 (20,516) 556 6,876
---------------------- --------- --------- ------------- ------------ ---------- --------- --------
Share capital is the amount subscribed for shares at nominal value.
Share premium represents the excess of the amount subscribed for share capital over the nominal value of those shares net of share issue expenses.
Share based payments reserve relate to the charge for share-based payments in accordance with International Financial Reporting Standard 2.
Retained earnings represent the cumulative loss of the Group attributable to equity shareholders.
Reverse acquisition reserve relates to the effect on equity of the reverse acquisition of Thread 35 Limited.
Capital redemption reserve represents the aggregate nominal value of all the deferred shares repurchased and cancelled by the Company. The reserve is non-distributable.
NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION
1. General Information
Sosandar Plc is a company incorporated and domiciled in England and Wales. The Company's offices are in Wilmslow. The Company is admitted to trading on the AIM market of the London Stock Exchange (ticker: SOS).
The financial information set out in this Half Yearly report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 March 2020, prepared under International Financial Reporting Standards ("IFRS"), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Sections 498(2) and 498 (3) of the Companies Act 2006.
Copies of the annual statutory accounts and the Half Yearly report can be found on the Company's website at http://www.sosandar-ir.com/content/investors/annual-reports.asp .
2. Basis of preparation and significant accounting policies
This Half Yearly report has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, using accounting policies which are consistent with those set out in the financial statements for the year ended 31 March 2020.
3. Segmental reporting
In the opinion of the directors, the Group has one class of business, being that of a clothing manufacturer and distributor via internet and mail order. The Group's primary reporting format is determined by the geographical segment according to the location of its establishments. There is currently only one geographic reporting segment, which is the UK. All costs are derived from the single segment.
NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION (CONTINUED)
4. Share capital and reserves
Details of ordinary shares issued are in the table below:
Ordinary Shares (GBP0.001)
----------------------------------------------------------------------------------
Date Number of shares Issue Total Share Total Share
Price Capital GBP'000 Premium GBP'000
GBP
----------- ----------------- ------- ---------------------- -----------------
At 31 Mar
2020 192,268,110 0.001 192 41,592
At 30 Sep
2020 192,268,110 0.001 192 41,592
5. Loss per share
Basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period:
6 months 6 months Year ended
to September to September 31 March
2020 2019 2020
------------------------------------------ -------------- -------------- ------------
Loss after tax attributable to equity
holders of the parent (GBP'000) (1,102) (2,786) (7,814)
Weighted average number of ordinary
shares in issue 192,268,110 131,917,109 151,961,672
Fully diluted average number of ordinary
shares in issue 192,268,110 131,917,109 151,961,672
------------------------------------------ -------------- -------------- ------------
Basic and diluted loss per share (pence) (0.57) (2.11) (5.14)
------------------------------------------ -------------- -------------- ------------
Where a loss is incurred the effect of outstanding share options and warrants is considered anti-dilutive and is ignored for the purpose of the loss per share calculation. The share options outstanding as at 30 September 2020 totalled 20,400,000 (2019: 20,400,000) and are potentially dilutive.
6. Post balance sheet events
The company had no post balance sheet events.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR WPGWAGUPUPUU
(END) Dow Jones Newswires
December 01, 2020 02:00 ET (07:00 GMT)
1 Year Sosandar Chart |
1 Month Sosandar Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
