Rising online sales during the pandemic propelled “sleep-tech” firm Simba back into the black last year, the company announced today.
Chief executive Steve Reid hailed today hailed the firm’s “remarkable turnaround” as it booked £100m in sales in 2020.
The rapid growth, which will pocket Simba £3m in profit, came on the back of three record quarters of sales.
The firm, which makes high-tech mattresses, saw sales grow 35 per cent in the second quarter, 70 per cent in the third quarter, and 125 per cent in the fourth quarter.
Reid said that the vast improvement in the company’s performance was due to people taking more time over self-care during the pandemic.
“Simba has delivered a remarkable turnaround in the last 18 months”, he said. “The firm has moved from making a significant loss, to a business that is now consistently profitable, whilst delivering all time high revenues throughout 2020 despite the challenges of a global pandemic.
“To have swung a bottom line loss and to be up above historic high revenues in just a year and a half is testament to the team here at Simba and our partners – which we are eternally grateful for.”
After two dire years in 2017 and 2018, the company took steps in 2019 to restructure, enabling this year’s record growth.
Although it said that its outlook for the new year was uncertain given Brexit and the pandemic, Simba said it was “well positioned” to take on both given its much reduced overheads.
“The shift to online that Covid has accelerated shows no signs of diminishing and looks likely to be permanent across many sectors”, it added.
“The home sector has done particularly well in 2020 and retail reports expect this increase in consumer sentiment to continue.”
This content was originally published here.
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