City round-up: Sosandar; Yourgene Health; Assura

Cheshire-based online retail business Sosandar has maintained trading momentum, its interim trading update for the six months to September 30 revealed today.

Sosandar saw revenues rise following the initial coronavirus lockdown and today’s update revealed a 52% increase in turnover of £4.3m for the period, combined with a substantial improvement in the EBITDA loss.

The sales momentum seen in the first quarter and July continued in August and September. Revenue increased by seven per cent between July to August and 54% from August to September.

Sosandar also reported record trading on two days in September, as well as record monthly sign ups to the customer database.

Initial trading with John Lewis and Next has been very promising, with the initial ranges already expanded.

Net cash remains level at £4.30m, compared with £4.34m in July.

Following its success in September, the company plans to continue with carefully controlled customer acquisition in October and November to drive further growth in its database while also focusing on efficiencies and preserving cash.

After significant investment in fiscal year 2020 to broaden its product range, the Autumn range is resonating well with customers and the company says it is benefiting from the first full peak trading season of knitwear, denim, loungewear and casual outerwear, with many sell out styles in these categories.

Leather and faux leather are also trading well as are separates – tops, trousers and leggings.

Founders and joint chief executives, Ali Hall and Julie Lavington, said: “We are delighted to have continued to demonstrate the strength of the Sosandar brand and agility of our model, growing our sales, product range and customer base during such a challenging trading environment.

“Our customer database, and their loyalty, is the backbone of our performance.

“The feedback from our customers throughout lockdown has been fantastic and it is clear that they love wearing Sosandar clothes, whatever the circumstances.

“Following the successful re-introduction of TV advertising and brochure activity in September, we will continue cautiously investing in marketing to underpin customer database growth throughout October and November.”

They added: “Notwithstanding the continued uncertainty, we continue to believe that we can take significant market share within our demographic, particularly as the lockdown period escalated growth in online retail. We remain confident in what the future holds for Sosandar.”

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Lyn Rees

Yourgene Health, the Manchester-based AIM-listed international molecular diagnostics group, has been awarded a contract for non-invasive prenatal testing (NIPT) using its newly-launched IONA Nx NIPT Workflow system.

The award is from the prestigious St George’s NHS Trust Foundation in Tooting, South London.

The contract, subject to signing by both parties, has been awarded after a competitive tender process and will extend Yourgene’s existing partnership with St George’s for a further three years, with testing volumes expected to increase over the contract period.

St George’s was the first NIPT NHS laboratory in the UK and the first NHS Trust to provide NIPT testing to high risk pregnant women.

It has a reputation for innovation in NIPT introducing these tests well ahead of the National Screening committee’s January 2016 recommendation to do so.

Yourgene won its first tender with St George’s on March 23, 2015, with the company’s IONA test to provide NIPT testing for women within South East England and to other NHS trusts and private practices across the UK.

Since that first tender, the lab has been offering the IONA test under the St George’s brand of the SAFE test. The new contract will see St George’s transition over to the IONA Nx NIPT Workflow.

Yourgene chief executive, Lyn Rees, said: “We were chosen out of five companies that bid for the tender; I believe this is a true reflection of the excellent service and continued support that Yourgene offers its customers.

“The team at St George’s have been early adopters and true champions of the benefits of NIPT for all pregnant women as part of antenatal screening. We have already been working in close partnership with St George’s over the last few years, and look forward to strengthening our relationship with them further over the next few years.”

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Assura CEO Jonathan Murphy

Warrington-based healthcare property group Assura is in talks with the NHS ahead of the critical Winter period and the impact of coronavirus, it said in a half year trading update to September 30, today.

Chief executive Jonathan Murphy said: “Over the last six months as a whole we have been focused on working closely with the NHS in its response to the pandemic and ensuring that primary care buildings of today and the future are more fit for purpose.

“With the combined challenges of Winter flu season and COVID-19 on the horizon, we are speaking to our occupiers about how we can best support the services in our communities, while listening to patients to understand how our spaces can help them feel confident in accessing these services.

“We are also engaging government on the clear role investment in community health infrastructure will play as part of the country’s recovery.

“We are making good progress on our recently-launched social impact strategy and launched our first social bond and finance framework to fund eligible social projects and deliver against our development pipeline last month.

“This will further support our work in our communities through our new Assura Community Fund, which ran its first national grant round to support community health projects during this half.”

He added: “It’s clear that flexible, fit-for-purpose capacity for health services in our communities will be key in the NHS’s efforts to address waiting lists and pent-up demand moving through and beyond this Winter.

“Our strong strategic progress across all areas and resilient business model continues to position us well as the NHS’s partner of choice in these uncertain times and beyond.”

During the six month period, the group said its growing portfolio of 576 properties generates a current annualised rent roll of £113.3m.

Six developments were completed at a combined cost of £38m, while a further six schemes moved onto site.

Also, 20 acquisitions were completed for a combined sum of £80m, while 26 assets were disposed of for £23m.

Rent collections are in line with normal patterns, while rental concessions totalling less than £0.1m have been agreed.

At September 30, gross debt stood at £1.067bn with undrawn facilities of £300m and cash of £310m. The group’s oversubscribed Social Bond raised £300m at a coupon of 1.5%.