Sales at the UK arm of online marketplace Etsy have surged back to almost the heights it enjoyed during the Covid-19 pandemic.
The London-headquartered division has reported a turnover of £9m for 2023, up from the £3.8m it posted in 2022, according to newly-filed accounts with Companies House.
The latest figure comes after Etsy UK’s turnover totalled £2.6m in 2021, having been £12.5m in 2020.
The 2020 surge came after the division’s turnover was £4.9m in 2019.
The latest accounts also show that Etsy UK’s pre-tax profit increased from £354,649 to £408,434 during its latest financial year.
Sales success for Etsy
A statement signed off by the board said: “The increase in turnover can be attributed to an increase in costs related to a new relationship with Adyen.
“As per the revised intercompany agreement, Etsy UK has been designated to act on behalf of Etsy Ireland to provide payment collection and merchant of record services for certain transactions involving credit cards.
“This has resulted in a £4.5m increase in costs and a corresponding increase in revenue.
“The effects of the continuing conflict in Ukraine and Middle East on Etsy UK’s performance and position has been assessed and we do not believe this has materially impacted our business performance.
“Impact of inflation and interest is not deemed significant for Etsy UK as it is a cost plus entity.”
The wider Etsy group is listed on the Nasdaq and was founded in 2005.
For the same financial year, the US-headquartered group reported a revenue of $2.7bn, up from $2.5bn in 2022.
For the first half of its current financial year, the group posted a revenue of $1.2bn, the same level as in 2023.
