Lyst, the popular fashion search platform, has managed to achieve strong revenue growth during the challenging times of the pandemic. Over the span of 12 months leading up to March 31, 2020, the company saw a remarkable 26% increase in revenue, reaching a total of £23 million. This growth rate is even higher than the previous year’s 20% increase, highlighting Lyst’s continuous expansion. Before the pandemic hit, Lyst was experiencing an impressive growth rate of 49%.

While the revenue growth is commendable, Lyst also faced a widening operating loss during the same period. The company’s loss reached £11.79 million, compared to the previous year’s £7.36 million loss. Ultimately, the final loss for the year stood at £11.4 million, which is nearly double the £6.25 million loss from the year before. Despite these losses, Lyst remains optimistic about its future prospects.

To overcome these challenges, Lyst has been investing in its operations and focusing on improving its functionality through its mobile web and app platforms. Additionally, the company has expanded its international presence by launching six new sites, resulting in an impressive international revenue growth of 160%.

Moving forward, Lyst’s strategic focus is on the growth of its app business, expanding its international reach, and strengthening its data capabilities. The company firmly believes that these initiatives will continue to drive revenue growth, even in the face of the ongoing pandemic. However, Lyst acknowledges that there are challenges ahead. The speed of the global economic recovery remains uncertain, and a slow recovery could pose a risk to the company’s performance, despite its current pre-Covid trading levels. Another potential financial risk is the volatility in the exchange rate between the US dollar and the British pound. Nevertheless, Lyst is confident in its ability to weather any prolonged downturn, as it has sufficient cash reserves available.

In conclusion, Lyst’s impressive revenue growth amidst the pandemic is a testament to its investment in operations, focus on mobile and international expansion, and efforts to enhance its functionality. Although uncertainties persist, Lyst is confident in its ability to drive revenue growth and overcome any potential hurdles it may face in the future.

Useful links:
1. Lyst website
2. Retail Gazette article on Lyst’s revenue rise