Bloom & Wild, the London-based flower delivery company, has managed to reduce its post-tax loss by over 95 per cent as it shifted its focus towards retaining existing customers and cost-cutting measures.
The firm, known for delivering bouquets in letterbox-friendly boxes, saw an increase in its adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) by £8.8m, reaching a total of £4.1m for the year ending 31 March, 2024.
This financial improvement comes after Bloom & Wild changed its strategy from prioritising top line growth to profitability following the cost-of-living crisis, as reported by .
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Consequently, the company reduced its marketing investment and focused on customer retention rather than acquisition.
Bloom & Wild also implemented tighter cost control measures and noted that the operational benefits from integrating Bloomon in the Netherlands and Bergamotte in France have continued to deliver group-wide efficiencies,
The company's revenue fell from £117.9m to £110.1m, reflecting its profit-focused approach and the challenging macroeconomic environment across Europe.
However, Bloom & Wild stated that this decrease in revenue was primarily seen in the first half of the year, with revenue rebounding to flat by March 2024.
Regarding trading so far in its current financial period, Bloom & Wild reported an increase in the year to date. It said: "The latest monthly trading data shows promising momentum across geographies and product categories, including in the core 海角视频 market, where there is healthy growth in sales of both flowers and non-flower gifting."
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The company was established by Aron Gelbard and Ben Stanway in 2013. Mr Gelbard said: "Having achieved our goal of returning the business to profitability, we have a renewed focus on growth.
"The benefits from our two international acquisitions are coming through strongly and with the backing of profit and cash generation, improved unit economics and a strong balance sheet, we are investing behind disciplined growth initiatives in the huge gifting market across our eight European markets.
"Most notably, in Germany our refined local offering and improved operational capability is powering growth of c.50 per cent."
Concluding with confidence, he added: "Together with continuing momentum in our home 海角视频 market, Bloom & Wild is delivering and confident in the future."
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