5th May 2022 16:27
(Alliance News) - Seraphine Group PLC on Thursday said annual revenue grew but warned of a hit from rising costs of living at the Russian invasion of Ukraine.
Seraphine shares plunged 42% to 28.37 pence each on Thursday in London, shortly before the close of trade.
For the year ended on April 3, the London-based maternity and nursing wear maker said the group has delivered strong year on year revenue growth of 33% on a constant currency basis, helped by 52% growth in North America.
This came amid a number of margin and costs pressures. Seraphine noted by inflation in distribution costs and customer acquisition marketing costs, with cost of acquisition currently running 25% higher year-on-year.
As a result of these issues and the macroeconomic headwinds, the company now expects financial 2022 sales of circa GBP44.1 million.
Chief Executive Officer David Williams said: "Despite the evident challenges faced by the industry and consumers, the group has seen strong revenue growth for the full year.
"This, combined with excellent progress in North America and expansion into a number of important new markets, reflects the underlying strength of the business."
By Xindi Wei; [email protected]
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