Made today reported a 61% jump in revenue, as UK and European shoppers move online to buy large furniture and homewares.
Made today reported revenue of £171m in the six months to June 30 – 61% up on the same time last year. Sales in the UK grew by 55% to £113m, while sales in continental Europe grew by 53% to £101m. Pre-tax losses narrowed to £10.1m from £15.2m a year earlier.
The sales rise came as the retailer won more customers – active customer numbers grew by 34% during the six months to 1.2m – and as those customers spent more – average order values grew by 12% to £244. It expects to benefit from £67m in income from orders that have been place but are yet to be delivered to customers, and is starting to raise its prices as it passes “an element of higher costs to customers”. The higher costs come amid continuing supply chain disruption.
During the year the retailer doubled the size of its UK warehouse and now plans to extend the space it has at its Antwerp site, which caters for its European customers.
Philippe Chainieux, chief executive of Made, says: “I am very pleased with the progress made in the first half of the year, which is in line with the long-term goals set out at our IPO in June. 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. We have multiple levers to drive superior growth and will continue to strengthen our model through the ongoing implementation of our strategy: to invest in our unique customer proposition through further developing our curated, design-led range, enhancing customer experience, investing in our brand and expanding internationally. I am confident in the outlook for the full year and in Made’s long-term growth.”
Made is a Top350 retailer in RXUK Top500 research.