Samarkand Group plc : Trading Update
Announcement provided bySamarkand Group plc · SMK
Samarkand Group plc (SMK)
17th April 2023
Samarkand Group plc
("Samarkand", the "Company" or together with its subsidiaries the "Group")
Samarkand Group plc (AQSE:SMK), the cross-border eCommerce technology, services and consumer brand group, this morning provides a trading update for the year ended 31 March 2023 (“FY23”).
FY23 results are expected to be slightly ahead of market guidance, demonstrating the ability with which the Group has navigated a period of extended disruption in its largest market,
Despite the well-documented headwinds, Samarkand has grown top line revenues in the range of 2% to 4% year on year. Gross profit margins have improved materially on the prior year due to improvements in mix and bolstered by the contribution from recent acquisitions. As a result of selective adjustments to our cost base and improvements in operating efficiency the Group has cut EBITDA losses by over 50% against the prior period and is making strong progress in returning to profitable growth in FY24.
The reopening of
Good progress is being made against our strategy of:
Client wins include a number of new niche international brands in trending categories in
We are well-positioned to capitalise on the fast growth of the live-streaming sector in
FY24 performance is currently anticipated to be in line with market expectations, delivering an acceleration in top line growth and returning to profit as a result of the Company’s improvement in mix and operational leverage. The continued growth in Samarkand’s owned brand portfolio is accretive to margin structure and has the added benefit of reducing reliance on the
David Hampstead, Chief Executive Officer of Samarkand Group, commented “After an unprecedented twelve months we have finished the year ahead of guidance and are making good progress on our return to profitability. There is no doubt that the experience of the last 3 years will have an impact on consumer demand in
For more information, please contact:
Notes to Editors
Samarkand is a cross-border eCommerce technology and retail group focusing on connecting International Brands with
Founded in 2016, Samarkand is headquartered in
For further information please visit https://www.samarkand.global/
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