22 July 2024, 22:07
By Furniture News Sept 14, 2021

Made sees margins eroded despite revenue growth in H1

Made has reported record results for the six months to 30th June 2021, achieving +61% revenue growth (£171m).

A strong trading performance delivered £214m in gross sales for H1 2021 (+54% growth YoY). Adjusted EBITDA was £1.1m (+£12.2m YoY). 

However, gross margin was down 306bps YoY to 48.7%, due to global freight inflationary pressures and foreign exchange headwinds. Reported losses before tax were -£10.1m, including one-off IPO-related P&L charges of £5.4m – compared to a loss of £15.2m for the same period in 2020.

Made's active customer base grew by +34% over the six-month period, with an AOV at £244 (+12% YoY). The UK delivered gross sales growth of +55% YoY, while Made's continental European markets grew gross sales by +53%.

CEO Philippe Chainieux says: "Following on from our successful IPO in June, I am pleased to report a record first half performance. We have continued to grow in all eight markets across the UK and Continental Europe by leveraging our proven brand and high-quality customer proposition. We have multiple levers to continue to drive superior growth and will continue to invest in our unique customer proposition through further developing our curated, design-led range, enhancing customer experience and expanding internationally. Around half of our sales are already from outside of the UK, and our aim is to become the leading home destination in Europe for the digital native.

“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, which is expected to continue into the first half of next year."

Made's product range grew to more than 8000 SKUs at the end of H1, and is set to grow further with the addition of a "curated marketplace" offering "third-party artisan brands". The group nearly doubled the size of its UK large goods warehouse, while a letter of intent has been signed to extend warehousing space at its existing site in Antwerp.

"Following a successful first half, visitor volumes remain robust, giving us confidence in maintaining full-year expectation for +40% YoY gross sales growth," states Made.

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