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Adili banks on rebrand as losses grow

Losses at online ethical retailer Adili have widened to £1.9m in its full year to April 30, up from £1.6m the year before.

Sales at the business, which recently rebranded its website to Ascensiononline.com, grew 56% over the period to £552,000.

In the five months since its year end, Adili’s revenues have grown 29% on last year and it expects this to accelerate in its key trading period before Christmas with better availability of stock and increased conversion rates from its new website. It also hopes to benefit from a £940,000 share placing that was completed last month.

Adili chief executive Adam Smith said: “These results are broadly in line with expectations and reflect significant activity to ‘clear the decks’ in readiness for further improvement in the coming year.”

He added: “Customer and press reaction to our own labels, an improved edited ‘bought in’ collection, and very positive customer reaction to the rebranding, combined with new marketing developments, give us much encouragement for our prospects through accelerated sales growth.”

 

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