Made.com’s losses widened as the furniture retailer reported in its full-year results that it was “adversely affected by industry-wide global freight inflation and supply chain disruption”.
The pureplay furniture specialist reported a pre-tax loss of £31m during the 12 months to December 31, a further decline from the loss of £15m reported in the same period last year.
This included “one-off IPO-related” costs of £5.3m, according to the retailer.
Revenues rose by 50% in the year to £372m. The retailer also noted that deferred revenue at the end of the financial year stood at £56m due to extended lead times as a result of ongoing supply chain disruption.
Adjusted EBITDA decreased to a loss of £14m, a decrease from the previous year’s loss of £5.1m.
Net cash stood at £107m at the end of the year, while gross margin was impacted by “global freight inflationary pressures”, down 694bps compared with 2020.
The online furniture retailer also confirmed the appointment of Nicola Thompson, its current interim chief executive, as its permanent boss. Thompson previously served as Made’s chief operating officer.
Thompson said: “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% year on year and continued delivery against our key strategic pillars as set out at our IPO.”
Chair Susanne Given said: “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.”
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