Online furniture retailer Made.com became profitable in the UK last year as its sales “fast approach” the £100m mark.
The etailer, which now operates in seven countries, unveiled a 48% sales jump to £91m in the 12 months to December 31.
In the UK revenue rose 38%, while in its newer international division, revenue increased 69%. International sales now account for 35% of the business.
The company – founded in 2010 – became profitable for the first time in the UK during the period and said the rest of the business is “tracking on the same trajectory”.
Total gross profits came in at £49.3m – up 58% year-on-year, and EBITDA losses narrowed to £3.8m, compared with £6.2m in 2015.
During the period, Made.com opened a flagship showroom in Paris and another in Berlin, taking its number of bricks-and-mortar sites to seven.
Made.com chief executive Philippe Chainieux, who took the reins from founder Ning Li in January this year, said the results prove that the online business model works.
He said: “While our primary focus continues to be on winning Pan European market share in order to optimise this sizeable long term opportunity, the UK’s move into profitability is a significant moment in the group’s evolution.
“Made was created with the specific purpose of winning and winning big in the consumer transition from high street to online by creating a new and contemporary customer proposition, which helps overcome the hurdles to online purchase.
“The pace of this structural shift is increasing and is now more evident than ever, with consumers growing in confidence transacting online, for home and big ticket items.”
Since year end, the retailer has launched in Austria and expanded into homewares and gifting.
Chainieux added: “The coming years for Made are expected to be as transformational as the last. Through our technology platform, we will increasingly harvest the views of customers to help determine which unique products to produce and sell globally under the Made brand; making good on our commitment and promise to democratise excellent design.”