25 July 2024, 11:35
By Furniture News Mar 08, 2022

Made confirms CEO appointment and full-year loss 

Made.com has confirmed the appointment of Nicola Thompson as its CEO, while disclosing its results for the year ended 31st December 2021. 

The brand reported a loss before tax of -£31.4m, which included one-off IPO-related charges of £5.3m – compared to an overall loss of -£14.6m in 2020.

However, Made says it achieved strong gross sales growth during the year, underpinned by "positive customer metrics" – it recorded 1.3 million active customers across the year, up +26% YoY, with the proportion of repeat orders at 44% and an AOV of £246 (+8% YoY).

It achieved revenues of £372m (up +50% YoY), with deferred revenue at the period's end of £56m, remaining at elevated levels due to extended lead times driven by global supply chain challenges.

Gross margin was impacted by global freight inflationary pressures, while net cash at the end of the period was £107m. Adjusted EBITDA stood at -£14.3m.

Made's chair, Susanne Given, comments: "The board is delighted to confirm Nicola's appointment as CEO. She is an impressive and compassionate leader, and the right person to lead the business into its next phase of growth.

"I am proud of the excellent growth and strategic progress the business has delivered since its IPO. We have a strong strategic plan in place to drive further and continuous growth. We will build on Made's position as the leading digital destination for home through investing in the customer experience, the further development of our curated homewares range and growing the brand internationally. The strength of the brand and the management team, combined with its strong cash position, means Made is uniquely placed to act on the opportunities ahead."

CEO Nicola Thompson adds: "I am thrilled to be confirmed as CEO of Made, and excited to lead this great business and brand forward. We are delighted to report another period of strong financial performance and solid operational progress, with revenue growing by +50% YoY and continued delivery against our key strategic pillars as set out at our IPO.

"Made has an unrivalled understanding of its digital native customer base, and this has enabled us to upgrade our proposition and significantly increase market share. We have a clear strategy, talented team and multiple levers to drive growth in the years ahead."

During the year, Made secured greater warehousing and logistical capacity, with further expansion planned this year. 

It increased its range to more than 9500 SKUs (including third-party brands), and completed beta testing of a new curated marketplace featuring third-party artisan brands.

Made also says it is delivering strong progress against its 2021 sustainability targets.

Made says its "ambition of £1.2b+ gross sales and low-teens adjusted EBITDA margin by 2025 remains unchanged, as the large and underpenetrated furniture and homeware market shifts online and we accelerate investment into our core customer proposition development - range expansion, industry-leading lead times and international expansion."

© 2013 - 2024 Gearing Media Group Ltd. All Rights Reserved.