Half Year Results

Sosandar

05/11/2026 07:00

RNS Number : 8675B
  
Sosandar PLC
  
05 November 2026
  
 




5 November 2026




 



 


Sosandar plc


('Sosandar' or 'the Company')


 


FY27 Half Year Results 


 


Continued revenue growth and stronger margins delivering improved profitability trajectory
 


Trading in line with Full Year expectations


 


Sosandar plc (AIM: SOS), the women's fashion brand, creating quality, trend-led products for women of all ages, is pleased to announce its results for the six months ended 30 September 2026 (‘H1 FY27’ or ‘the Period’).


 


Financial Highlights:


 




 





Revenue growth of 11% year-on-year to £20.8m (H1 FY26: £18.7m)





 





Gross margin increased further to 65.1% (H1 FY26: 62.2%)





 





Improvement in Adjusted loss before tax1 to £0.7m (H1 FY26: £1.1m loss), with profitability traditionally weighted to H2 





 





Cash balance of £7.1m (£8.4m as at 31 March 2026), reflecting expected working capital cycle in H1 and £0.9m returned to shareholders through share buybacks in the Period



 


Operational and Strategic Highlights:


 




 





Continued execution of multi-channel strategy, with own website, third-party partnerships and stores providing complementary routes to market and broadening customer reach







 





H1 performance reflected a strong Spring and Summer season despite the challenging macroeconomic and consumer backdrop. The sales growth we reported for Q1 continued into Q2, with revenue for the first 5 months being 17% up year-on-year (+6% Own Channels, +32% third-parties). The month of September was impacted by prolonged summer weather which delayed sales of Autumn product across all of our sales channels







 





Looking at H1 revenue by channel in more detail:











Own website revenue was flat year-on-year (revenue for the Period excluding September, +5%)


Store estate continues to mature, with revenue increasing 10% year-on-year excluding Bath, which was assigned during the Period, with the focus remaining on driving profitability across the existing estate










Third-party revenue increased 24% year-on-year (revenue for the Period excluding September +32%). Whilst some of the growth can be attributed to M&S following their cyber-incident, other partners are also ahead year on year












 


Post-Period Trading Highlights (October): 


 




 





As anticipated, as more Autumnal weather has been seen, trading has strengthened significantly through October and is in line with expectations





 





Importantly, gross margin has remained strong at 68.0% (LY: 67.2%)





 





Cash balance of £6.4m reflecting timing of inventory payments  





 





Trading is in line with FY27 full year market expectations



 


Ali Hall and Julie Lavington, Co-CEOs commented: 


 


“The delivery in the Period is testament to the underlying strength of the Sosandar model and the strategic decisions we have made over the last few years.. Revenue has grown, margins have strengthened and we’re moving closer to the profitability this business is capable of.


 


We entered the year with strong momentum, we are really pleased with our performance through the Spring / Summer season despite the challenging consumer backdrop. Whilst September was impacted by the prolonged Summer weather, trading has strengthened significantly through October as we saw more Autumnal weather.


 


At the heart of everything is creating clothes women love to wear, and that remains our focus. We’re positive about the opportunity ahead and confident in delivering our full‑year market expectations.”


 


 


1 Adjusted loss before tax excludes the effect of year specific transactions that are either one-off in nature and / or unreflective of the underlying trading performance of the Company which includes impairment of non-financial assets and costs associated with store exits in FY27 and FY26.


 


Presentations


 


The Company is hosting a webinar for retail investors at 9.00am today. If you would like to attend, please register via https://engageinvestor.news/SOS_HY27. 


 


 


 Enquiries


 



Sosandar plc




www.sosandar.com 




Julie Lavington / Ali Hall, Co-CEOs




c/o Alma PR




Steve Dilks, CFO




 




 




 




Strand Hanson Limited (Nominated Adviser) 




+44 (0)20 7409 3494




Christopher Raggett / Imogen Ellis




 




 




 




Zeus Capital Limited (Broker)




+44 (0)161 831 1512 




Jordan Warburton / Emma Burn / Simon Johnson 




 




 




 




Alma Strategic Communications




+44 (0) 20 3405 0205




Sam Modlin / Rebecca Sanders-Hewett / Sarah Peters




sosandar@almastrategic.com



 


About Sosandar plc


Sosandar is a women's fashion brand in the UK targeting style conscious women who have graduated from lower quality, price-led alternatives. The Company offers this underserved audience fashion-forward, affordable, quality clothing to make them feel sexy, feminine, and chic. The business sells predominantly own-label exclusive product designed and tested in-house.


Sosandar's product range is diverse, providing its customers with an array of choice for all occasions across all women's fashion categories. The Company sells through Sosandar.com and its own stores and has a number of high value brand partnerships including with NEXT, M&S and John Lewis.


Sosandar's success has been built on an exceptional product range, seamless customer experience and impactful, lifestyle marketing, all of which is underpinned by combining innovation with data analysis. Our growth strategy is focused on continuing to grow brand awareness and expand our addressable market and routes to market, reaching customers wherever they wish to shop. This is achieved both through direct to consumer channels and through chosen third-party partners.  


Sosandar was founded in 2016 and listed on AIM in 2017. More information is available at www.sosandar-ir.com


 


CO-CEOS’ STATEMENT


The first half of FY27 has demonstrated continued progress against our strategy and the increasing strength of Sosandar's multi-channel model. We delivered further revenue growth alongside a significant improvement in gross margin and a reduced loss, while continuing to invest in the long-term development of the brand. The business typically achieves profitability in H2 each year and we expect this trend to continue and have every confidence of achieving market expectations for the full year.


The progress made over the last two years to reposition Sosandar as a full-price, multi-channel retailer continues to underpin the business. Our focus remains clear: delivering product that resonates with our customers, protecting the quality of our margins and growing the brand across complementary routes to market. As our channel mix continues to develop, we remain focused on building a larger, more profitable and cash-generative business over time.


Continued growth alongside improving profitability


Group revenue increased 11% year-on-year to £20.8m (H1 FY26: £18.7m), reflecting strong growth across our third-party partners and continued progress from our store estate.


Importantly, this growth was delivered alongside a substantial improvement in gross margin, which increased by 290 basis points to 65.1% (H1 FY26: 62.2%).  The continued progress in margin reinforces the benefits of the deliberate strategic decisions we have taken around pricing, promotions and the quality of revenue.


This combination of revenue growth and stronger gross margin translated into an improved  profitability trajectory. Adjusted loss before tax reduced to £0.7m from £1.1m in the prior year. We remain focused on sustained growth in profitability, and the first half performance demonstrates continued progress towards that objective.


Disciplined approach to cash and capital allocation


We ended the Period with cash of £7.1m, compared with £8.4m at the end of March 2026. The movement principally reflects the normal working capital cycle in the first half, together with £0.9m returned to shareholders through share buybacks during the Period.


We remain disciplined in our approach to capital allocation, balancing investment in the growth of the Sosandar brand with maintaining a strong balance sheet and returning capital to shareholders where appropriate.


Multi-channel model continuing to strengthen


Our strategy is centred on building the Sosandar brand with multiple complementary routes to market. The first half provided further evidence of the benefits of this approach. Our own website remains the cornerstone of the Sosandar brand and our flagship destination, giving customers access to the broadest choice of our product range and brand. Alongside this, our partner network enables us to reach new customers and generate incremental demand. This is consistent with our strategy of combining our direct-to-consumer platform with high-quality partner distribution.


Our own website started the year strongly, with revenue up 7% in the first quarter, reflecting continued customer engagement with the brand and our product. As we moved to the end of the second quarter, the prolonged warm weather delayed the transition into Autumn and Winter purchasing. This resulted in own-site revenue being flat year-on-year for the Period as a whole. Given the strong start to the year and the specific external factors that subsequently affected September, we remain confident in the underlying strength of the Sosandar proposition and the continued appeal of our product.


Revenue through our third-party partners increased 24% year-on-year, demonstrating the strength of demand for Sosandar across our broader customer base and the benefits of our multi-channel model. The performance also benefited from increased demand through our partners, highlighting the complementary nature of our channels and the reach provided by our partner network. 


Our stores continued to make progress during the Period, with revenue increasing 10% year-on-year on a like-for-like basis excluding Bath, which we exited during the half. As we have consistently said, we view stores as an important part of our multi-channel model: providing a physical showcase for the Sosandar brand, introducing the product to new customers and complementing our established online and partner channels. Our focus remains on further improving the profitability of the existing estate as individual locations mature. This maintains the disciplined approach to store economics set out at the full year.


Well positioned for continued progress


We are encouraged by the progress made during the first half. Revenue continues to grow, our gross margin has strengthened materially and profitability has improved, while our performance across third-party partners and stores demonstrates the value of having multiple complementary routes to market.


The investments we have made in our team, infrastructure and brand mean the foundations are in place to support a materially larger business. As we scale, we continue to believe this creates the potential for meaningful operating leverage, with profit able to grow faster than revenue over time. This remains central to the long-term opportunity for Sosandar.


We remain focused on the same priorities: delivering product that resonates with our customer demographic, growing the core online and partner business at attractive margins, improving the profitability of our store estate and maintaining disciplined capital allocation. 


The progress delivered in the first half, together with our confidence in the opportunities ahead, means we remain on track to deliver our market expectations for the full year and reinforces our confidence in Sosandar’s long-term growth opportunity.


 


Financial review


KPIs



 




6 months ended 30 September 2026 £'000




 




6 months ended 30 September 2025 £'000




 




Change




Revenue




20,785




 




18,690




 




+11%




Gross Profit




13,524




 




11,624




 




+16%




Gross Margin




65.1%




 




62.2%




 




+290bps




Adjusted loss before tax1




(690)




 




(1,090)




 




+37%




 



1Adjusted loss before tax excludes the effect of year specific transactions that are either one-off in nature and / or unreflective of the underlying trading performance of the Company which includes impairment of non-financial assets and costs associated with store exits in FY27 and FY26.


 


Profitability


The Adjusted pre-tax loss for H1 FY27 improved by £0.4m to £0.7m (H1 FY26: £1.1m loss) which reflects the growth in revenue, substantial increase in gross margin and costs being well controlled.  Profitability for the first half is in line with expectations which is particularly pleasing given the challenging macro-environment. It is important to note that the second half of the financial year is historically stronger, with higher revenues delivering economies of scale and therefore profit.  


Revenue


Revenue in H1 FY27 has increased by 11% to £20.8m (H1 FY26: £18.7m).  Sales through the Spring and Summer season were strong with revenue for the first 5 months to the end of August being up 17% year-on-year. The prolonged Summer weather impacted the month of September, with purchases of Autumn ranges being slower to increase compared with last year. In terms of H1 FY27 overall,  the impact of September is prevalent across all sales channels, with revenue through our own website being up 5% to the end of August and flat overall for H1, and revenue through our third parties being up 32% to the end of August and up 24% for H1. On our own website. we maintained our full price strategy throughout the period including in September where we chose not to offer price promotional deals to stimulate demand.  As a result, Gross Margin was stronger. 


Gross Margin


The Gross Margin in H1 FY27 increased substantially to 65.1% (H1 FY26: 62.2%).  This increase, coupled with further increases across the previous 2 years resulted in the gross margin now being 10 percentage points up compared with H1 FY24 (55.4%). Compared with last year the growth of 290bps reflects the change in channel mix plus stronger intake margins. Intake margins have strengthened further within the Period, reflecting improved cost prices coupled with the strength of Sterling against the Dollar. Similar rates have been secured for H2 FY27 which means we would expect to report equally positive intake margins for the next 6 months.


Operating Costs


Total Operating Costs increased by £1.6m / 13% to £14.3m (H1 FY26: £12.7m).    


Commissions retained by our Concession partners represent the single largest reason for the overall increase reflecting the increase in revenue generated through these partners. The increase in commission is £0.9m and is all volume related with the average percentage of revenue remaining the same. 


Further investment in marketing has been made during the first half enabling us to grow the active customer database by 11,000 / 6% in the last twelve months.  Payback remains strong, although not quite as strong as last year, in part reflecting the delayed start to the Autumn season in FY27.


Other volume related costs remained stable and consistent as a percentage of relevant revenue when compared with the previous year. This is pleasing as inflationary rises have been offset through efficiencies, in particular with regards to our warehouse and logistics costs.


Interest receivable nearly doubled to £0.1m which reflects a stronger cash balance through H1 FY27 with a larger proportion being held in interest bearing accounts.


Balance Sheet


The balance sheet continues to be robust with net assets as at 30 September 2026 of £15.5m compared with £17.0m at 30 September 2025. Cash at 30 September 2026 remains healthy at £7.1m, down from £8.4m as at 31st March 2026 inclusive of a further £0.9m being returned to shareholders through the share buyback programme.  We continue to have zero debt.  The cash balance through September and October is the low point of the cash balance during the year, being reflective of the natural working capital cycle. A large proportion of stock has been paid for or will be paid for up to the mid-point of October, ahead of it being sold through the Autumn/Winter season.  


As anticipated, inventory has increased to £11.5m (H1 FY26: £10.5m) which reflects the planned additional investment in stock holding for the Autumn/Winter season. The inventory balance is slightly affected by the delayed start to Autumn sales, however, we view this as a timing change demonstrated by strengthening sales through October.  


Receivables reduced marginally to £3.4m (H1 FY26: £3.6m), predominantly due to lower revenue through September. During the period, there was no change to payment terms with any of our partners.


Current liabilities increased to £9.0m (H1 FY26: £8.3m) due to higher trade payables partially offset by lower lease liabilities. Trade payables increased to £8.6m (H1 FY26: £7.5m), with stock related creditors increasing which is reflective of greater inventory being purchased for the Autumn/Winter season and the payment terms applicable to those shipments.  There has been no material change to the average payment term with suppliers. Partially offsetting this is the reduction in current lease liabilities following the assignment of Bath retail store lease which had the highest annual rent of all stores in our estate.


Overall the cash balance remains strong with the stronger half of the year to come in terms of trading and cash generation. As a result, we have continued to return funds to shareholders through the share buyback programme. During H1 FY27, £0.9m has been returned, resulting in a total of 32.7m shares being held in treasury at 30 September 2026, which represents 13.2% of the total issued shares. A further 0.7m shares were bought back in October, with the total shares being held in treasury as of today being 33.4m.


 


 


 



UNAUDITED CONSOLIDATED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME




 




FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2026




 




 




 




 



 



 




 




6 Months to 30 Sept 2026




6 Months to 


30 Sept 2025




Year ended 


31 March 2026




 




Notes




£’000




£’000




£’000




Revenue 




4




20,785 




18,690 




42,278 




Cost of sales




 




(7,261)




(7,066)




(15,232)




Gross profit




 




13,524 




11,624 




27,046 




Administrative expenses




 




(14,274)




(12,662)




(26,618)




Impairment




 




-




-




(346)




Reversal of impairment




 




115




-




-




Operating profit/(loss)




 




(635) 




(1,038) 




82




Finance income




 




110




60




161




Finance costs




 




(79)




(112)




(212)




Profit/(loss) before taxation




 




(604) 




(1,090) 




31




Income tax credit




 




-




-




324 




Profit/(loss) for the period




 




(604) 




(1,090) 




355




Other comprehensive income 




 




-




-




-




Total comprehensive profit/(loss) for the period




 




(604) 




(1,090) 




355




 




 




 




 




 




Earnings/(loss) per share:




 




 




 




 




Earnings/(loss) per share – basic & diluted, attributable to ordinary equity holders of the parent (pence) (Restated)1




6




(0.26) 




(0.42) 




0.14















 


Reconciliation of adjusted profit/(loss) before tax



Statutory profit/(loss) before tax




 




(604)




(1,090)




31




Adjusting items




 




 




 




 




Impairment




 




-




-




346




Bath store exit (including impairment reversal)




 




(86)




-




-




Adjusted profit/(loss) before tax 2




 




(690)




(1,090)




377



 


1The loss per share (pence) for the 6 months to 30 September 2025 was restated from (0.44) to (0.42). Refer to note 6 for further detail. 


2 The Directors assess the underlying trading performance of the Group based on adjusted profit/(loss) before tax which is a £0.7m loss for the 6 month Period to 30 September 2026. This measure reflects the underlying trading performance of the Group and excludes the effect of transactions that are year specific including impairment of right of use and tangible assets relating to retail stores. Please see note 3 for detailed reconciliations of the alternative performance measures.

 



 


 


 


UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL  POSITION




 












AS AT 30 SEPTEMBER 2026




 




 




 




 




 




 




 




 




 






 




 




As at
30 Sept




As at
30 Sept




As at
31 March






 




 




2026




2025




2026






 




Notes




£’000




£’000




£’000






Assets




 




 




 




 






Non-current assets




 




 




 




 






Intangible assets




 




858




815




853






Property, plant, equipment




 




991




1,573




1,267






Right of use asset




 




1,923




3,706




3,109






Deferred income tax asset




 




452




128




452






Total non-current assets




 




4,224




6,222




5,681






 




 




 




 




 






Current assets




 




 




 




 






Inventories




 




11,466




10,518




9,977






Trade and other receivables




 




3,361




3,628




3,452






Cash and cash equivalents




 




7,055




7,747




8,397






Total current assets




 




21,882




21,893




21,826






Total assets




 




26,106




28,115




27,507






 




 




 




 




 






Equity and liabilities




 




 




 




 






Equity




 




 




 




 






Share capital




5




248




248




248






Share premium




5




-




52,619




-






Capital reserves




 




4,648




4,648




4,648






Other reserves




 




2,276




1,887




2,191






Treasury shares




5




(2,659)




-




(1,788)






Reverse acquisition reserve




 




(19,596)




(19,596)




(19,596)






Retained earnings




 




30,630




(22,830)




31,234






Total equity




 




15,547




16,976




16,937






 




 




 




 




 






Current liabilities




 




 




 




 






Trade and other payables




 




8,581




7,518




7,241






Lease liability




 




413




826




643






Total current liabilities




 




8,994




8,344




7,884






 




 




 




 




 






Non-current liabilities




 




 




 




 






Lease liability 




 




1,565




2,795




2,686






Total non-current liabilities




 




1,565




2,795




2,686






 




 




 




 




 






Total liabilities




 




10,559




11,139




10,570






Total equity and liabilities




 




26,106




28,115




27,507




























UNAUDITED CONSOLIDATED STATEMENT OF CASHFLOWS




FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2026



 



 




 




 




 




 




 




 




6 Months
to 30 Sept




6 Months
to 30 Sept




Year ended
31 March




 




 




2026




2025




2026




 




 




£’000




£’000




£’000




Cash flows from operating activities




 




 




 




 




Profit/(loss) before tax




 




(604)




(1,090)




31




Adjustments for:




 




 




 




 




Share based payments




 




85




134




438




Depreciation and amortisation




 




548




642




1,237




Impairment




 




-




-




346




Impairment reversal




 




(115)




-




-




Finance costs




 




79




112




212




Finance income




 




(110)




(60)




(161)




Loss on disposal of assets




 




21




-




-




Working capital adjustments:




 




 




 




 




   Change in inventories




 




(1,489)




572




1,113




   Change in trade and other receivables




 




91




(230)




383




   Change in trade and other payables




 




1,399




770




164




Net cash flow from operating activities




 




(95)




850




3,763




 




 




 




 




 




Cash flow from investing activities




 




 




 




 




Purchase of property, plant and equipment




 




(1)




(8)




(23)




Purchase of intangibles




 




(61)




(121)




(196)




Bank interest paid




 




-




-




(1)




Net cash flow from investing activities




 




(62)




(129)




(220)




 




 




 




 




 




Cash flow from financing activities




 




 




 




 




Lease payment




 




(417)




(308)




(794)




Payments for treasury shares




 




(871)




-




(1,788)




Finance income




 




103




50




152




Net cash flow from financing activities




 




(1,185)




(258)




(2,430)




 




 




 




 




 




Net change in cash and cash equivalents




 




(1,342)




463




1,113




 




 




 




 




 




Cash and cash equivalents at beginning of period




 




8,397




7,284




7,284




Cash and cash equivalents at end of period




 




7,055




7,747




8,397



 


 


 


 


 



UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY




 




 




 




 




 




FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2026


 


 




 




 




 




 




 




 




 




Share capital




Share premium 




Treasury


shares




Reverse acquisition reserve




Capital redemption   reserve




Retained earnings




Other reserves




Total




 




£’000




£’000




£’000




£’000




£’000




£’000




£’000




£’000




Balance at 30 September 2025




248




52,619




-




(19,596)




4,648




(22,830)




1,887




16,976




Profit for the period




-




-




-




-




-




1,445




-




1,445




Capital reduction1




-




(52,619)




-




-




-




52,619




-




-




Purchase of treasury shares2




-




-




(1,788)




-




-




-




-




(1,788)




Share-based payments




-




-




-




-




-




-




304




304




Balance at 31 March 2026




248




-




(1,788)




(19,596)




4,648




31,234




2,191




16,937




Loss for the period




-




-




-




-




-




(604)




-




(604)




Purchase of treasury shares




-




-




(871)




-




-




-




-




(871)




Share-based payments




-




-




-




-




-




-




85




85




Balance at 30 September 2026




248




-




(2,659)




(19,596)




4,648




30,630




2,276




15,547



 


 


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.


Treasury shares represent shares held in treasury as a result of the share buyback programme.


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.


Retained earnings represent the cumulative profit / (loss) of the Group attributable to equity shareholders.


Other reserves represents the share based payments reserve which relates to the charge for share-based payments in accordance with International Financial Reporting Standard 2.


1 A capital reduction was completed during the financial year ended 31 March 2026 following the Court approval on 14 October 2025.


2 The Company started a share buy-back programme during the financial year ended 31 March 2026 which has continued through the financial year ended 31 March 2027.


 


NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION


1.     General Information


Sosandar Plc (the ‘Company’) is a public company limited by shares incorporated in England and Wales. Details of the registered office, the officers and advisers to the Company are presented on the Company Information page at the end of this report. The Company is listed on the AIM market of the London Stock Exchange (ticker: SOS). 


 


The principal activity of the Group in the year under review was that of a clothing manufacturer and distributor via internet and mail order as well as retail stores. 


 


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 Company’s statutory financial statements for the year ended 31 March 2026, 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 “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 2026. 


3.    Adjusted profit/(loss) before tax


In reporting financial information, the Group presents an alternative performance measure (‘APM') of adjusted profit/(loss) before tax which is not defined or specified under IFRS. Adjusted profit/(loss) before tax is used as an APM to show the underlying trading performance of the Group as it eliminates gains or losses that are year specific and are not part of the Group's day to day business operations. This is consistent with how the business performance is planned and reported within internal management reporting and also facilitates year-on-year comparison. Adjusted profit/(loss) before tax is calculated by excluding adjusting items from statutory profit/(loss) before tax. 


Adjusted items are items of income and expenditure which are year specific and material to the current financial year. Adjusted items also include impairment and reversal of impairment of non-financial assets. These are presented separately in the consolidated income statement, as the Directors believe that this presentation helps to facilitate year on year comparison and is consistent with how the business performance is planned and reported internally


The following table reconciles the adjusted profit/(loss) before tax per the Statement of Comprehensive Income



 




Period ended




Period ended




 




30-Sept




30-Sept




 




2026




2025




 




£'000




£'000




Adjusted loss before tax




(690)




(1,090)




Adjusted items




 




 




Bath store exit (including impairment reversal) 1  




86




-




Statutory loss before tax




(604)




(1,090)



1 On 29 June 2026, the lease relating to the Bath store was assigned to another retailer and the store was closed. The costs associated with the Bath store exit have been classified as adjusting items as they are non-recurring. These include the disposal of assets and liabilities associated with the lease and the reversal of the previous impairment against the Bath store assets. There were also some legal fees associated with the assignment. 


4.    Revenue


The directors have considered the requirement of IFRS 15 with regards to disaggregation of revenue and do not consider this to be required as the Group only has one operating segment which is retail sales.


 


The income recognition for delivery receipts, commissions on partner-fulfilled sales and wholesale revenue are in line with that of retail sales and linked to dispatch/delivery to customers. 


 


Due to the nature of its activities, the Group is not reliant on any individual major customers. 


The major geographical market remains the UK. 


 



 




Period ended




Period ended




 




30-Sept




30-Sept




 




2026




2025




 




£'000




£'000




UK




          20,603 




      18,550 




Rest of World




              182 




                 140   




Total




          20,785 




        18,690 



 


Disaggregation of revenue based on distribution channels is as follows:


 



 




Period ended




Period ended




 




30-Sept




30-Sept




 




2026




2025




 




£'000




£'000




Own Channels1 




10,164




10,148




Third-Party Channels 2




10,621




8,542




Total




20,785




18,690



1 Own Channels includes Sosandar.com and own stores


2 Third-Party Channels includes concession and wholesale


 


 


5. Share capital and reserves


       Details of ordinary shares issued are in the table below:



Ordinary Shares




Date 




Number of shares 




Issue Price £  




Total Share Capital 


£’000 




Total Share Premium £’000




At 30 September 2025




248,226,513




0.001




                       248 




52,619




Shares issued 




-




-




                          - 




-




Capital reduction




-




-




-




(52,619)




At 31 March 2026




248,226,513




0.001




                       248 




-




Shares issued




-  




 




-  




-  




At 30 September 2026




248,226,513




0.001




                       248 




-



 



Treasury Shares




Date 




Number of shares 




Carrying Amount


 £’000






At 30 September 2025




-




-






Own shares 




24,822,651




1,788






At 31 March 2026




24,822,651




1,788






Own shares




7,865,660  




871  






At 30 September 2026




32,688,311




2,659













 


6.  Earnings per share: profit / (loss)


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 to 30 Sept 2026




Restated


6 Months to 30 Sept 20252




Year Ended 31 March 2026




Profit/(loss) after tax attributable to equity holders of the parent (£’000)




(604)




(1,090)




355




Weighted average number of ordinary shares in issue1




230,605,446




260,015,643




253,863,599




Fully diluted average number of ordinary shares in issue




230,605,446




260,015,643




253,863,599




Basic earnings/(loss) per share (pence)




(0.26)




(0.42)




0.14




Diluted earnings/(loss) per share (pence)




(0.26)




(0.42)




0.14



 


1 The weighted average number of ordinary shares in issue used in the basic earnings/(loss) per share includes a weighted average of 11,451,942 (Sept 2025: 11,789,130) of vested options with an exercise price of par and also a weighted average number of treasury shares of (29,073,009) (Sept 2025: nil). As per IAS 33 these must be included within the weighted average number of ordinary shares when calculating basic EPS. 


2 In line with IAS 33, the weighted average number of ordinary shares and fully diluted average number of ordinary shares in issue in the period ended 30 September 2025 was restated to reflect the weighted average number of the nil exercise price vested share options which were 11,789,130. As a result of this, the basic loss per share (pence) and diluted loss per share (pence) was restated from (0.44) to (0.42).


7. Post balance sheet events


The Group had no post balance sheet events.  



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