REG - Sosandar PLC - Half Year Results
13/12/2022 07:00
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RNS Number : 4406J Sosandar PLC 13 December 2022
Date: 13 December 2022
On behalf of: Sosandar plc ('Sosandar' or 'the Company')
Embargoed until: 0700hrs
Sosandar plc
Half Year Results
Continued revenue growth of +72%, delivering the Company's second six-month
period of positive PBT. Momentum has continued into the second half of the
financial year with record sales months in October and November, trading in
line with market expectations* for the full financial year.
Sosandar PLC (AIM: SOS), one of the fastest growing fashion brands in the UK,
creating quality, trend-led products for women of all ages, is pleased to
announce its financial results for the six months ended 30 September 2022 and
an update on current trading.
Post-period Trading Highlights
· Strong start to H2 FY23 with record sales months delivered in October and then
November
· Black Friday saw record number of visits to Sosandar.com and the strongest
sales week on record for our third party partners, with margins increasing on
H1 FY23
· Products across all categories selling well, with fast-tracked categories
including partywear, knitwear and outerwear particularly strong
· Net cash of £4.2m as at 30 Nov 2022
Half Year Financial Highlights
· Net revenue of £21.0 million, a 72% increase against the same period in the
prior year (H1 FY22: £12.2m). This growth was split equitably between own
site and third party partners
· PBT of £0.1m for H1 FY23, a substantial positive swing compared to (£1.1m)
loss in H1 FY22, being the second six-month period of positive PBT following
H2 FY22
· Gross margin at 54.4% (H1 FY22: 56.5%) signifying a more normal post Covid
trading period, including a planned end of season sale in August
· Net cash of £4.2m as at 30 Sept 2022 (FY22: £7.0m) reflecting planned
earlier delivery of autumn stock than the prior year to facilitate deliveries
into third party partners. In addition, the Company is starting to import more
via sea freight which changes the working capital cycle, realising significant
cost benefit and reducing our environmental impact
Half Year Operational and Strategic Highlights
· Success of unique product offering and increasing brand awareness shown by
growth across KPIs compared with the same period the year prior (H1 FY22):
o Number of orders increased on Sosandar.com by 43% to 347,137, of which
80,935 were from brand new customers and 266,202 were from existing customers
o Average order frequency up 8% to 2.41 times
o Website visits up 25% to over 7.7m
o Conversion rate increased to 4.5% (H1 FY22: 3.9%)
o Strong Average Order Value up 4% to £90 (H1 FY22: £86)
o Active customers up 33% to 254,601
· Successful fast track development of key products, with all identified lines
meeting or exceeding internal expectations
· Strong trading with third parties M&S, Next, John Lewis and The Very Group
across all product categories
· Launched a new partnership with N Brown Group Plc's JD Williams on a wholesale
agreement in September 2022
H1 FY23 KPIs (Own Site)
Six months ended 30 Sept 2022 Six months ended 30 Sept 2021 Change
Web visits 7,770,346 6,212,484 25%
Conversion rate 4.5% 3.9% 60bps
Number of orders 347,137 242,991 43%
AOV £89.71 £85.86 4%
Active customers 254,601 191,424 33%
Average Order Frequency 2.41 2.21 9%
Ali Hall and Julie Lavington, Co-CEOs commented:
"We are very pleased to be reporting a strong performance for the six months
ended 30 September 2022, with trading in line with our expectations for full
year growth. Our continued revenue growth has enabled us to reach a
significant milestone in delivering another six months of profitability,
achieving a substantial swing from a loss of £1.1m in the same period last
year to a profit before tax of £0.1m for the current period.
This performance is a testament to the relevance of our strategy, unique and
broad product offering and ever-increasing brand awareness, which has enabled
us to continue to deliver for our customers, despite the challenging
macroeconomic backdrop.
Second half trading to date has built on the momentum we saw in the first
half. Pleasingly, throughout October and November we delivered two record
months of sales with this culminating in an extremely successful Black Friday
period which saw a record number of visits to Sosandar.com and the strongest
sales week on record for our third party partners, with margins increasing
compared with the first half of the financial year. In addition, whilst
discounts were on offer, gross margins remained stable resulting in two
further months of profitability.
Looking ahead, whilst the external environment remains challenging, it is
important to note that as a business, we have successfully mitigated many of
the headwinds we have faced over the past two years. We have a brilliant
brand, highly differentiated product that is in demand across all our channels
and a great team who constantly execute our strategy well. We continue to
trade in line with market expectations for the full year and remain confident
in the longer-term outlook for the business."
* Sosandar believes that market expectations for the year ending 31 March 2023
are currently revenue of £42.8 million and PBT of £2.0 million.
Presentations
Sosandar is hosting a webinar for analysts at 09:30 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 11:30 today. If
you would like to attend, please register here:
https://bit.ly/SOS_H1_23_webinar (https://bit.ly/SOS_H1_23_webinar)
Enquiries
Sosandar plc www.sosandar.com (http://www.sosandar.com)
Julie Lavington / Ali Hall, Joint CEOs c/o Alma PR
Steve Dilks, CFO
Singer Capital Markets +44 (0) 20 7496 3000
Peter Steel / Tom Salvesen / Kailey Aliyar
Alma PR Limited (Financial PR) +44 (0) 20 3405 0205
Sam Modlin/ Lily Soares Smith/ Matthew Young sosandar@almapr.co.uk
This announcement contains inside information for the purposes of the retained
UK version of the EU Market Abuse Regulation (EU) 596/2014 ("UK MAR").
About Sosandar plc
Sosandar is one of the fastest growing women's fashion brands in the UK
targeting style conscious women who have graduated from 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 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 has brand partnerships in place with Next, John
Lewis, Marks & Spencer, The Very Group and N Brown.
Sosandar's strategy is to continue growing brand awareness and expand its
customer database, whilst also further driving its high levels of customer
retention. This is achieved through its exceptional products, seamless
customer experience and impactful, lifestyle marketing activities, all of
which is underpinned by combining innovation with data analysis.
Sosandar was founded in 2016 and listed on AIM in 2017. More information is
available at www.sosandar-ir.com (http://www.sosandar-ir.com)
Co-CEOs' Statement
We are delighted with the continued momentum and progress that we have
delivered in the six-month period to 30 September 2022. To deliver such a
strong performance, with both continued revenue growth and our second
six-month period of positive PBT, despite the numerous macroeconomic
challenges impacting the sector, is testament to our unique product, the hard
work of our team, the resilience of our strategy and the agility of our
business model. As a result of this, and the strong trading performance we
have seen in October, November and early December, we are pleased to be
trading in line with market expectations for the full year.
We have seen significant progress across all key pillars of our growth
strategy, including significantly broadening our product range, increasing the
levels of customer engagement on our own site and further developing our
network of third-party partners.
Demand for our unique, sexy and chic product continues to increase with new
styles and our highly effective marketing strategy resonating well - driving
strong growth with both new and repeat customers on our own site and through
our third-party partners. Throughout the period we have invested in our
infrastructure to ensure that we satisfy this demand and enable further
scalable growth by remaining at the forefront of fashion innovation.
We would like to take this opportunity to extend our thanks to our team,
partners and suppliers for their unwavering commitment and support of the
business.
Strong trading performance and continued improvement across all KPIs
Despite the challenging macroeconomic environment, our well-planned approach,
together with our distinctive product range and effective communication
strategy has enabled us to deliver an extremely pleasing performance.
Total net revenue for the period increased 72% year-on-year to £21.0 million,
with a substantial positive swing in PBT to £0.1m (H1 FY22: £1.1m loss),
being the second six-month period of positive PBT following H2 FY22. This
performance was driven by the success of our broadened product range as we
identified and fast-tracked the development of key product areas, whilst also
monitoring our cost base. The revenue growth delivered over the period was
split equitably between our own site and our third party partners.
Pleasingly, as the scale of the business continues to increase, we are
increasingly able to exploit a number of opportunities which result in a
sustainable benefit to the gross margin. This, coupled with a more normal post
Covid trading period, which included a planned end of season sale in August,
has resulted in gross margin remaining strong at 54.4% (H1 FY22: 56.5%).
Our net cash position of £4.2m as of 30 September 2022, reflects our decision
to order stock in early for the Autumn/Winter season to ensure that we can
meet the significant demand across all of our sales channels. A large
proportion of this stock was also brought in by sea freight which means that
we take receipt of the stock a number of weeks earlier than we would if it
came via air and thus requires payment earlier.
The continued improvement we have seen across all our KPIs is testament to the
success of our strategy in accelerating sales growth by identifying and
fast-tracking the development of key product lines. The number of orders
increased by 43% year on year to 347,137, of which 80,935 were new orders and
266,202 were repeat orders. Our conversion rate increased to 4.5% from 3.9%,
average order frequency increased by 8% to 2.41 times per annum, and website
visits were up 25% to over 7.7m. Average Order Value for the period has
increased 4% to £90 as our product offering expands, representing good growth
against H1 FY21 (£86).
It is clear our well-planned approach, together with our distinctive product
range and effective communication strategy, has enabled us to continue to
deliver for our customers.
Unique product range is the key to our success
Our long term vision is to dress women across the globe to feel sexy and chic.
Our huge addressable market is united by a desire for on-trend, affordable,
long lasting, lifestyle appropriate clothes. Sosandar's magic is the
successful execution of distinctive product and powerful communication. This
execution has captured the hearts and minds of our ever-growing customer base.
As a clothing brand our product is the key driver of our success. We create
head-to-toe outfits at a mid-level price point that are long lasting, with a
wide selection of choice that covers all occasions and unique prints that are
designed in-house.
At the time of our Full Year Results in July we stated that we planned to
fast-track development in categories where we knew our customers would be
likely to spend - specifically in occasion-wear, beach and swim, and
tailoring. Pleasingly, this has been extremely successful with all identified
lines meeting or exceeding expectations. Across the period, every single
product category was in growth, with holiday and beach wear, formal tailoring
and partywear performing exceptionally well throughout summer and into
September.
This strong momentum has continued into Autumn and Winter as consumers plan
for the festive period with fast-tracked development of targeted categories
including knitwear, formal tailoring, coats and partywear leading to a record
breaking Black Friday for the Group across both Sosandar.com and via our third
party partners. The successes so far in H2 FY23 serve to reaffirm confidence
in our strategy as our product continues to match our consumers' needs and
consistently delivering products they love.
Sustained momentum with our third-party partners
Whilst the growth of our own site is the anchor of our success, trading with
our third party partners including M&S, Next, the Very Group and John
Lewis has continued to be strong. Our relationships with our partners allow us
to increase our reach among our core target demographic and deliver
incremental revenue and EBITDA growth.
In line with the Group's strategy to identify and target the development of
key product lines, the range and levels of inventory going to our concession
partners has continued to increase. The positive result of this strategy can
be seen in our sales performance across all our partners which serves to
highlight that this is resonating with consumers.
Alongside our existing relationships, we were pleased to announce the new
third-party partnership with JD Williams on a wholesale agreement basis in
October this year. We are very pleased with the promising start to this
partnership.
Looking ahead, we will continue to invest in our own site, the bedrock of the
Sosandar lifestyle hub, whilst also exploring additional third-party
partnerships in the UK and abroad.
Current Trading and Outlook
Following a strong H1 performance, trading in the second half of the financial
year to date has been very encouraging. The positive momentum seen in the
period under review has carried through into October and November with the
Company reporting two further consecutive months of profitability. Record
sales were achieved both from third parties and on our own site, with
exceptional performance surrounding Black Friday activity which saw the single
largest day in terms of visits to sosandar.com and the most successful sales
week recorded for third parties. Positively, margins have improved during this
period.
Achieving these results in the current macroeconomic environment validates our
strategy, business model and relationship with our loyal customer base. Our
continued revenue growth and second six-month period of positive PBT has been
driven by an increased diversity of our product range, with strong growth both
on our Own Site and through third parties.
Whilst there is no doubt that the current economic backdrop brings many
challenges for businesses and consumers, our achievements to date have been
down to our strategy, planning and ability to execute. We are confident that
we will continue to manage our business appropriately to enable us to steer
through the next set of challenges.
We know our customer incredibly well and as we have done over the past two
years, our messaging in our communication with customers will reflect how our
customers are thinking and feeling. We are continuing to see demand for
stand-out, quality clothing and value for money - all of which are the key
tenants of our proposition.
Whilst the current environment is unpredictable, we now have a proven track
record of being able to navigate difficult times and we remain confident that,
as we continue to invest in our product, platform and people we will achieve
what we have set out for the current year. We are also confident in the
longer-term outlook for the business.
Financial review
KPIs
6 months ended 30 September 2022 £'000 6 months ended 30 September 2021 £'000 Change
Revenue 20,950 12,177 +72%
Gross Profit 11,388 6,880 +66%
Gross Margin 54.4% 56.5% -210bps
PBT 77 (1,077)
6 months ended 30 September 2022 6 months ended 30 September 2021 Change
Sessions 7,770,346 6,212,484 +25%
Conversion rate 4.5% 3.9% +56bps
Number of orders 347,137 242,991 +43%
AOV £89.71 £85.86 +4%
Active customer base 254,601 191,424 +33%
Order Frequency 2.41 2.21 +9%
H1 FY23 has delivered another substantial increase across most key KPIs and
has delivered a second consecutive period of positive PBT following the
milestone performance in H2 FY22. PBT for the period is £0.1m, swinging
from loss to profit compared to the previous year (H1 FY22: £1.1m loss),
driven by the revenue growth, further increases across customer engagement
KPIs and group-wide operational efficiencies.
Revenue
Revenue for the period increased by 72% to £21.0m (H1 FY22: £12.2m) with
record trading across all sales channels, making share gains across all
categories. Further investment in stock in the period has enabled the
Group to deliver against the demand from both own site consumers and
third-party partners.
All key KPIs on Sosandar.com have increased during the period. Total
orders increased by 43% to 347,137 (H1 FY22: 242,831) with engagement KPIs all
stepping up significantly including conversion up 56bps to 4.47%, order
frequency up 9% to 2.41 times and active customers up 33% to 254,601.
The recruitment of quality new customers continues to be a key focus, with
80,935 orders being from first time customers to the brand during the
period. The percentage of customers repeat ordering during the period
increased to 44.0% (H1 FY22: 42.6%), with all these factors helping to drive
the growth in PBT during the period.
Gross Margin
The Gross Margin at 54.4% reduced by 210bps compared to the same period in the
prior year, being impacted by a planned end of season sale during July and
August. During the period, underlying margins were maintained in line
with the prior year with some inflationary pressures on raw materials being
offset by improved average freight rates and economies of scale through
purchasing larger quantities to meet customer demand. In addition, margin
has benefited from changes in product mix, with dresses, specifically occasion
wear, being particularly strong. Aside from this mix shift, return rates
have remained stable.
Operating Costs
Total Operating Costs reduced as a percent of net revenue to 53%, compared
with 65% in the same period of the prior year. The costs increased by
42% to £11.0m, including commissions retained by concession partners which
increased to £2.4m in the period (H1 FY22 £1.1m), reflecting the growth in
this channel.
The cost of fulfilment increased by 48% to £2.9m which is due to the increase
in volume. As a percentage of revenue, this reduced to 14% (H1 FY22: 16%)
as ongoing productivity initiatives drive improvements across the warehouse
coupled with a higher proportion of bulk orders for third party
partners. Operations costs increased by £1.0m in the period, as the
team was strengthened to support the growth of the business, reducing to 15%
of net revenue (H1 FY22: 18%) as the benefits of operating leverage become
increasingly evident as we grow. In addition, more office space was taken
on during the period to welcome all team members back to the office.
Balance Sheet
Net assets increased to £10.9m at 30 September 2022 compared with £9.5m at
30 September 2021. Cash at 30 September 2022 was £4.2m (30 September 2021
£7.4m).
Inventory increased to £13.5m (H1 FY22: £6.0m) which reflects the planned
investment following the equity raise in May 2021. This increase also includes
higher stock in transit as there has been a shift to sea freight ahead of the
autumn season, with title taken two months earlier than if air freight was
being utilised, resulting in an acceleration of our working capital
requirement.
Receivables increased to £2.3m (H1 FY22: £1.1m) due to the increase in
revenue from third party partners.
Payables increased to £10.0m (H1 FY22 £5.3m) which reflects the shift
towards using sea freight to bring stock into the UK, with earlier recognition
of the liability than where airfreight is used. In particular, sea freight
has been used for a large proportion of stock for the autumn / winter season
which was in transit as at 30 September 2022.
There is a margin benefit from using sea freight compared with air which was
used for the majority of purchases in the prior year, although it does mean
that our balance sheet changes with more stock being held and higher
creditors. Average payment terms with stock suppliers have continued to
increase compared with the previous year as we have further cemented strategic
relationships with key suppliers.
Net cash flow from operating activities for the six month period to 30
September 2022 was a net outflow of £2.5m, attributable to the investment in
stock, in particular for the autumn / winter season.
BOARD COMMITTEE CHANGES
Following the appointment of Lesley Watt as Independent Non-Executive Director
and Mark Collingbourne stepping down from the Board effective 1 September
2022, the Company announces the following changes to the composition of its
board committees which are effective immediately:
Audit Committee
Lesley Watt will succeed Bill Murray as chair of the audit committee, with Jon
Wragg and Nick Mustoe making up the remainder of the committee.
Remuneration Committee
Andrew Booth will replace Nick Mustoe as chair of the remuneration committee,
with Lesley Watt being newly appointed and Bill Murray remaining on the
committee.
Nomination Committee
The Nominations committee will now be chaired by Jon Wragg, succeeding Adam
Reynolds who will remain on the committee alongside Andrew Booth.
UNAUDITED CONSOLIDATED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2022
6 Months to 30 Sept 6 Months to 30 Sept Year ended 31 March
2022 2021 2022
Notes £'000 £'000 £'000
Revenue 20,950 12,177 29,458
Cost of Sales (9,562) (5,297) (12,962)
Gross profit/(loss) 11,388 6,880 16,496
Other operating income - - -
Administrative expenses (11,027) (7,770) (16,470)
Share-based payment (156) (101) (255)
Depreciation and amortisation (107) (85) (317)
Operating profit/(loss) 98 (1,076) (546)
Finance costs (21) (1) (8)
Profit/(loss) before taxation 77 (1,077) (554)
Income tax credit/(expense) - - 412
Group profit/(loss) for the year 77 (1,077) (142)
Other comprehensive income - - -
Total comprehensive profit/(loss) for the period 77 (1,077) (142)
Earnings/(loss) per share:
Earnings/(loss) per share - basic and diluted, attributable to ordinary equity 5 0.03 (0.51) (0.07)
holders of the parent (pence)
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
As at As at As at
30 Sept
30 Sept
31 March
2022 2021 2022
Notes £'000 £'000 £'000
Assets
Non-current assets
Intangible assets - 200 -
Property, plant, equipment and right of use asset 954 99 446
Deferred income tax asset 412
Total non-current assets 1,366 299 446
Current assets
Inventories 13,489 6,005 7,307
Trade and other receivables 2,347 1,100 2,495
Cash and cash equivalents 4,205 7,351 7,048
Total current assets 20,041 14,456 16,850
Total assets 21,407 14,755 17,296
Equity and liabilities
Equity
Share capital 4 221 221 221
Share premium 4 47,089 47,044 47,089
Capital Reserves 4,648 4,648 4,648
Other reserves 1,068 758 912
Reverse acquisition reserve (19,596) (19,596) (19,596)
Retained earnings (22,577) (23,589) (22,654)
Total equity 10,853 9,486 10,620
Current liabilities
Trade and other payables 9,899 5,269 6,761
Lease liability 116 - 38
Total current liabilities 10,015 5,269 6,799
Non current liabilities
Lease liability 539 - 289
Total non current liabilities 539 - 289
Total liabilities 10,554 5,269 7,088
Total equity and liabilities 21,407 14,755 17,708
UNAUDITED CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2022
6 Months 6 Months Year ended
to 30 Sept
to 30 Sept
31 March
2022 2021 2022
Notes £'000 £'000 £'000
Cash flows from operating activities
Group profit/(loss) before tax 77 (1,077) (554)
Share based payments 156 101 255
Depreciation and amortisation 107 85 317
Finance costs 21 1 8
Working capital adjustments:
Change in inventories (6,182) (3,139) (4,441)
Change in trade and other receivables 148 (372) (1,768)
Change in trade and other payables 3,138 2,365 3,906
Net cash flow from operating activities (2,535) (2,036) (2,277)
Cash flow from investing activities
Addition of property, plant and equipment (235) 13 (36)
Addition of intangibles - 8 -
Initial direct costs on right of use asset - - (18)
Interest paid (18) - (4)
Net cash flow from investing activities (253) 21 (58)
Cash flow from financing activities
Net proceeds from issue of equity instruments 4 - 5,481 5,526
Lease payment (55) (43) (71)
Net cash flow from financing activities (55) 5,438 5,455
Net change in cash and cash equivalents (2,843) 3,423 3,120
Cash and cash equivalents at beginning of period 7,048 3,928 3,928
Cash and cash equivalents at end of period 4,205 7,351 7,048
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2022
Share capital Share premium Reverse acquisition reserve Capital redemption reserve Retained earnings Other reserves Total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 30 September 2021 221 47,044 (19,596) 4,648 (23,589) 758 9,486
Profit (Loss) for the period - - - - 935 - 935
Share-based payments - - - - - 154 154
Issue of share capital 4 - 45 - - - - 45
Costs on issue of share capital 4 - - - - - - -
Balance at 31 March 2022 221 47,089 (19,596) 4,648 (22,654) 912 10,620
Profit (Loss) for the period - - - - 77 - 77
Share-based payments - - - - - 156 156
Issue of share capital 4 - - - - - - -
Costs on issue of share capital 4 - - - - - - -
Balance at 30 September 2022 221 47,089 (19,596) 4,648 (22,577) 1,068 10,853
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 listed 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 Company's statutory financial statements for the year ended 31 March
2021, 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
(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 2022.
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.
4. Share capital and reserves
Details of ordinary shares issued are in the table below:
Ordinary Shares (£0.01)
Date Number of shares Issue Price £ Total Share Capital £'000 Total Share Premium £'000
At 31 Mar 2021 192,268,122 0.001 192 41,592
Shares issued: Fundraise May 21 28,840,210 0.001 29 5,739
Shares issued: Warrants exercised Dec 21 300,000 0.001 - 45
Direct costs: Fundraise May 21 - (287)
At 31 Mar 2022 221,408,332 0.001 221 47,089
Shares issued: - - -
At 30 September 2022 221,408,332 0.001 221 47,089
5. 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 6 Months Year ended
to 30 Sept
to 30 Sept
31 March
2022 2021 2022
Loss after tax attributable to equity holders of the parent (£'000) 77 (1,077) (142)
Weighted average number of ordinary shares in issue 221,408,332 212,504,070 216,844,739
Fully diluted average number of ordinary shares in issue 221,408,332 212,504,070 216,844,739
Basic and diluted earnings profit / (loss) per share (pence) 0.03 (0.51) (0.07)
6. Post balance sheet events
The Company had no post balance sheet events.
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