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Samarkand Group PLC on Monday reported a narrowed annual loss and hailed an ‘encouraging’ start to its new financial year amid the reopening of the Chinese economy.
Samarkand is a Shanghai and London-based cross-border eCommerce technology solution provider. Shares in the firm were flat at 25.00 pence on Monday morning in London.
The company reported a pretax loss of £4.8 million in the year ended March 31, narrowed from a loss of £7.8 million the year prior.
This came as costs of sales reduced to £7.8 million from £8.2 million, administrative expenses dropped to £7.7 million from £8.2 million, and selling and distribution expenses fell to £5.4 million from £7.1 million.
Revenue in the year rose 5.4% to £17.5 million from £16.6 million the previous year.
Chief Executive David Hampstead said: ‘I am delighted that we have been able to grow the business and to make strong progress towards profitability in an unprecedented and challenging trading environment. This demonstrates the resilience and adaptability of the business and in particular the capability of our colleagues. The reopening of the Chinese economy, a growing pipeline of new clients and channel partners and an ongoing focus on operational efficiency puts us in a good position to capitalise on opportunities that may emerge in the market.
‘We are encouraged by the start of the new financial year and remain confident that the interplay of our China market development capabilities, underlying eCommerce technology and owned brand portfolio will put us in a good position to make further progress towards our goal of profitability.’
Samarkand said revenue in April and May was 13% ahead of the year prior. The month of July was in line with the company’s expectations in terms of top and bottom line results, it added.
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