Made.com saw sales jump from £58.1m to £82.4m in the first quarter of the year as it prepares a stock market flotation.
The IPO could see it valued at up to £1bn. Quarterly operating losses fell from £6.6m to £1.4m. Since its foundation in 2010 it has lost £39.9m.
The company revealed that in the quarter it had 586,000 active UK customers, up from 415,000 and 579,000 in Continental Europe, up from 414.
Half of UK customers were repeat customers – this has risen from 44% in 2018 – and 34% in Continental Europe.
Average order value in the UK increased from £220 to £235 in the UK and from £214 to £236 in Continental Europe during the quarter. In 2020 UK customers placed an average of 1.37 orders compared with 1.24 in Continental Europe.
Non-furniture sales – lighting, textiles, home accessories, kitchen & dining accessories, outdoor & leisure – continue to increase and now make up 28% of sales, a rise from a quarter in Q1 2020 and a fifth in 2018. It is targeting growing this sector to become ‘the go-to destination for design-led home lifestyle products.’
The company says it wants sales to reach £1.2bn by the end of 2025 with adjusted EBITDA margins in the low teens. It will also expand outwith Europe by 2023.
‘Made.com has been revolutionising the home and living sector for the last eleven years. Founded in the UK, it is now the leading digitally native lifestyle brand in a sector that is shifting steadily online. The business is powered by a technology platform that connects independent designers and makers, allowing us to develop our exclusive product offering. The business is fast growing and we have demonstrated the capacity of our brand and customer proposition to travel well. Around half of our sales are outside of the UK and we are aiming to be the leading home destination in Europe for the digital native,’ says Philippe Chainieux, Made.com ceo.
