Shares of Salford-based fashion firm In The Style fell about 33% on Tuesday after it reported a loss before tax of £1.54 million for its first full year as a public company.

In The Style’s revenue rose 28% to £57.3 million in the year to March 31, 2022.

However, the Salford firm said its 2023 full-year outlook it is planning for group revenue to be broadly flat and it is “forecasting an adjusted EBITDA loss for the year of £2.0 million.”

In the Style said trading through Q1 2023 has been robust “in a challenging trading environment.”

In The Style Group CEO Sam Perkins said: “I am pleased to report that in our first full year as a public company In The Style has delivered further strong revenue growth, representing almost +200% on a two-year basis.

“This has been supported by encouraging improvements across all our key customer and brand metrics.

“Our purpose is to inspire confidence, and this drives us to create unique products that help our customers to feel great about themselves.

“We have a strong, inclusive brand and differentiated influencer collaboration model which gives us fantastic reach, highly effective marketing, and broad customer appeal.

“This underpins our long-term confidence to create one of the UK’s most exciting fashion brands.

“This year is expected to be a challenging one for consumers and retailers.

“We are taking actions to respond including prudent cost control, cash management and executing against our refined growth strategy.”