Lyst, the fashion search platform, recently released its financial results for the 12 months ending on March 31, 2020, revealing significant revenue growth despite the challenges presented by the COVID-19 pandemic. The company experienced a remarkable 26% increase in revenue, reaching £23 million, which surpassed the 20% growth achieved in the previous year. It is worth noting that prior to the pandemic, Lyst was growing at an impressive rate of 49%. However, the company also saw its losses widen, with its operating loss expanding to £11.79 million compared to £7.36 million in the previous year. Overall, Lyst reported a loss of £11.4 million for the year, nearly doubling the £6.25 million loss from the previous year.
Despite these obstacles, Lyst remained committed to expanding its operations and enhancing its user experience. The company made significant investments in its mobile web and app, resulting in a more seamless and user-friendly platform. Furthermore, Lyst successfully launched six new international sites, contributing to an incredible 160% growth in international revenue.
Looking ahead, Lyst is actively pursuing growth opportunities within its app business and has plans to further expand its international presence. Additionally, the company aims to strengthen its data capabilities, recognizing the potential for revenue growth in the upcoming year, despite the ongoing impact of the global pandemic.
However, Lyst acknowledges that there are still challenges ahead. The speed of the global economic recovery remains uncertain, which poses a potential risk to the company’s progress. While Lyst is currently trading at pre-Covid levels, a slow recovery could impede its growth. Additionally, the fluctuating exchange rate between the US dollar and British pound introduces financial risks. Nevertheless, the company maintains confidence in its ability to withstand any prolonged downturn, thanks to its substantial cash reserves.
In conclusion, Lyst’s financial results demonstrate impressive revenue growth in the face of the pandemic. By continuing to invest in its operations, expand its international reach, and improve its data capabilities, Lyst is well-positioned for further success within the fashion industry.
Useful links:
– Lyst Official Website
– Business of Fashion (a leading fashion industry publication)
