Online retailer Not On The High Street has filed its latest accounts filed at Companies House and they don’t paint a pretty picture.
In the year to the end of March 20204, its pre-tax losses jumped to £44.4 million after a substantial deficit of £38.9 million the year before and £68.9 million the year before that.
The company cited its “continued investment in marketing and technology teams [and] restructuring costs” but also said these issues were “compounded by the market challenges”. It talked of “reduced consumer confidence [caused] by the conflicts in Ukraine and the Middle East, the cost-of-living crisis and pressure on household income”.
The company also cut jobs during the year, reducing its headcount by 70.
It’s frustrating that there isn’t any more up to date information but we’re lucky to have this much given that the accounts were heavily overdue.
The company, whose CEO Leanne Rothwell exited in May this year, said revenue during the year in question was down from £29 million to £25.8 million.
But its board said it was “confident the necessary restructuring has positioned the business well to focus on revenue and a return to profitability in the future,” although it gave no clue as to whether that profitability was any closer in the year to March 2025.
