Good morning, it's Paul here. I'll be writing all 5 reports this week.

Estimated time of completion - about 1pm.
Update at 12:28 - I'm running a bit late, as I spent so much time on Sosandar this morning. So with my apologies, am extending today's estimated completion time to 3pm.
Update at 14:33 - today's report is now finished.

Please see the header for the updates I've covered today.

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Sosandar (LON:SOS)

Share price: 19.5p (up 23% today, at 08:19)
No. shares: 162.9m
Market cap: £31.8m

(at the time of writing, I have a long position in this share)

Half Year Trading Update

Sosandar PLC (AIM: SOS), the online women's fashion brand, is pleased to announce the following trading update covering the six month period ended 30 September 2019.

Today's update reads well, and is better than I expected.

The last update we had from Sosandar was on 23 Sept 2019, which I reported on here. I remember that day well, as I dashed around the London underground, mid-afternoon, trying to spot a Sosandar escalator panel digital advert, to no avail! Turns out that they only appear at peak commuter times. That update indicated that sales growth was strengthening, as promised, with sales in Sept roughly doubling on prior year. As I pointed out at the time, a good initial reaction to the autumn/winter range is usually a good omen for this peak season overall.

Sales growth - the LFL sales growth trend looks very positive;

Q1 (Apr-Jun) +23% - this was a big concern, and the share price sold off heavily when announced (understandably)

Q2 (Jul-Sep) +84% (including +112% for Sep)

H1 total +53% (£2.82m)

Oct >100% growth, over £1m (net of returns) revenues, for the first time.

Clearly we can see a very strong, improving sales trend.

Marketing spend - The strong sales growth trend has been driven by increased marketing spend, which is what the company said it would do, so no surprises there. That's why it raised £7m in a placing at 15p (heavily over-subscribed, which I know is true because my own allocation was scaled back considerably).

TV ads seem to be doing well;

These new marketing initiatives are significantly increasing brand recognition and awareness. September, the first month TV went live, saw a record number of email subscriber sign-ups with a 224%…

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