Big losses show scale of turnaround needed at Sorted
Ecommerce logistics software business Sorted Group made a loss of £11.72 million on revenues of £6.72m for the 15 months ended 31 December 2023.
Audited accounts have been filed at Companies House and will be available on the website of the AIM Listed Sorted Group. The results are for Sorted Group which is a 100% subsidiary of Sorted Holdings Limited, which in-turn is a wholly owned subsidiary of Sorted.
Following its reverse takeover by Location Sciences Group (LSG), which numbers boohoo co-founder Mahmud Kamani and former Zeus boss Richard Hughes among its major shareholders, Sorted has said it is to return to its “nimble roots in Manchester” as part of a streamlining of operations that has cut head count from 66 to 51.
Chairman Simon Wilkinson said the business has eliminated “an expensive corporate layer that is no longer required for the business” coupled with a reduction of back-office costs related to legal, HR, and finance functions, which he said will save the business £1.2m a year.
The business provides software that aims to improve ecommerce delivery experience and post-purchase technology, its customers include Asda, ASOS and M&S.
In June the involvement of the new shareholders provided a secured convertible bridge loan agreement to lend it up to £2.6 million for working capital purposes.
