Losses for ethical etailer Adili, now trading as Ascensiononline.com, have widened to £1.9m in the year to April 30 from £1.58m the year before.
Sales grew 56% for the period to £552,000 and in the five months since its year end revenues have grown 29% on last year
The etailer, which completed a £940,000 share placing last month, expects growth to accelerate in its key trading period before Christmas with better availability of stock and increased conversion rates from its new website.
Adili chief executive Adam Smith said: “These results are broadly in line with expectations and reflect significant activity to ‘clear the decks’ in readiness for further improvement in the coming year. The recent funding constraints have temporarily restricted growth since the year end, but with the successful placing in August combined with significant overhead reduction, a clean stock base, and the rebranding to Ascension, position us well for the next 12 months.”