The 海角视频 branch of online marketplace Etsy has seen a significant rebound in sales, nearly reaching the peak levels experienced during the Covid-19 pandemic. The London-based division reported a turnover of £9m for 2023, a substantial increase from the £3.8m recorded in 2022, as per the recently filed accounts with Companies House.
This follows a turnover of £2.6m in 2021, down from the £12.5m reported in 2020. In 2019, the division's turnover was £4.9m, as reported by .
The latest financial reports also reveal that Etsy 海角视频's pre-tax profit rose from £354,649 to £408,434 over the last fiscal year.
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A statement approved by the board attributed the rise in turnover to increased costs associated with a new relationship with Adyen. According to the revised intercompany agreement, Etsy 海角视频 is now responsible for acting on behalf of Etsy Ireland to provide payment collection and merchant of record services for certain credit card transactions.
This change has led to a £4.5m increase in costs and a corresponding boost in revenue.
The board also assessed the impact of ongoing conflicts in Ukraine and the Middle East on Etsy 海角视频's performance and concluded that these events have not materially affected the company's business performance. The effects of inflation and interest are not considered significant for Etsy 海角视频, as it operates as a cost-plus entity.
The wider Etsy group, founded in 2005, is listed on the Nasdaq.
For the same financial year, the US-based group reported a revenue of $2.7bn, an increase from $2.5bn in 2022.
In the first half of its current financial year, the group recorded a revenue of $1.2bn, maintaining the same level as in 2023.