Made.com sees sales jump but still turns a loss in H1 2021
Homeware retailer Made.com saw gross sales jump by 54 per cent in the first half of the year, but the company struggled to balance the books.
While sales topped £213.9m the company’s loss before tax stood at £10.1m, a 34 per cent improvement on the first half of 2020 when Made.com lost £15.2m. EBITDA climbed from a loss of £11.1m last year to a gain of £1.1m in H1 of 2021, but investors still saw negative earnings per share of -2.0p.
Philippe Chaineux, CEO of Madem said he was “very pleased” with the “progress made in the first half of the year.” He said, “We have continued to see strong and sustained consumer demand for our exclusive, design-led products and have gained significant market share with growth in all eight of our markets.”
“Thanks to our agile business model and supplier relationships, we are well-positioned to navigate the industry-wide global supply chain disruption,” Chaineux added.
The company, which held an initial public offering in June, has been buffeted by supply chain issues which have hit retailers worldwide. Share price has deflated by -21.32 per cent from a price of 197.0GBX at the company’s IPO to 155.0GBX at yesterday’s close.
Despite the setbacks the company said that full year revenue is expected to be £410m, representing a jump of 65% year on year, assuming global supply chain disruptions do not deteriorate further.
Read more: Made.com shares fall after £775m London IPO