Shares of Glasgow-based fashion firm Quiz fell as much as 20% on Wednesday after it published results for the year ended March 31, 2021, showing revenue plunged 66% to £39.7 million and it made an underlying pre-tax loss of £9.6 million compared to a £3.1 million loss the previous year.

However, in its post year-end report and outlook, Quiz reported a gradual improvement in sales since the removal of restrictions on large scale social events “with performance approaching pre pandemic levels on a like for like basis.”

Quiz said it has achieved sales of £30.6 million since the period end — the five months to August 2021 –representing a £17.4 million increase on the revenues generated in the period from April 1 to August 31, 2021.

“Going forward, a higher proportion of revenues will be generated from the group’s own stores and websites which have traditionally generated higher returns than other revenue streams,” said the Glasgow firm.

Quiz CEO Tarak Ramzan said: “Against a backdrop of highly challenging trading conditions during the year, including the enforced closures of stores and concessions for substantial periods and the cancellation of social events that are a key driver for demand of Quiz’s trademark occasion wear, we have taken decisive actions to position the business to return to long-term profitable growth, including reducing the size of our store estate, decreasing costs, and maintaining very tight cash management.

“We have continued to invest in our own e-commerce channels as we optimise our omni-channel model.

“We remain confident in the strength and appeal of Quiz as an occasion wear led brand, as has been evidenced by the increase in demand and positive trends across our operational KPIs as social events returned during the summer.

“This continues to underpin the board’s confidence in our ability to continue to improve performance and achieve profitable growth as more normal trading patterns return.”