Made gets a mauling after shares drop again

LIFE as a listed company got even tougher for Made after the trendy online furniture seller revealed it is suffering severe stock issues.

Made – which is backed high profile tech investors such as Brent Hoberman – has had a rough ride since going public in June with City analysts sceptical about whether the firm will ever turn a profit.

Yesterday shares slid another 9.2pc, or 12.4p, to 122p having floated at 200p.

Made warned customers were experiencing delays following the closure of manufacturing in Vietnam, congestion at ports and longer shipping times.

The Vietnamese government has shut down a number of factories due to a rising number of Covid infections.

As a result the retailer is expecting a bigger proportion of its revenue to be delayed into 2022.

Made said the disruptions had ‘worsened in recent months, negatively impacting the timing of stock intake’.

The pandemic has fuelled shipping and manufacturing delays worldwide.

Ships have failed to dock at ports where there have been lockdowns or staff shortages, which has affected deliveries across the globe.

That is on top of factory closures caused by reduced staffing, local Covid restrictions or energy shortages.

The London-based company has slashed its 2021 revenue guidance to between £365m and £375m, saying that £35m to £45m of its sales would be realised next year when items eventually reach customers.

Made had previously forecast revenues of £410m for the year. Profits would take a £12m to £15m hit in 2021.

The company, founded in Shoreditch, east London, in 2010, is hugely popular with millennials but shares have fallen by 40pc since its IPO.