Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Eve Sleep's pretax losses narrowed to £6.7m from £12.0m as announced in the period ending 30 June 2019 for the company's interim results.
Revenue declined to £12.9m from £14.1m with gross profit margin weakening 250bps to 52.3%.
The company said that sales of non-mattress products were now contributing 24% of revenues, with the customer repeat rate increased to 19%.
James Sturrock, chief exeuctive of eve Sleep, commented:
'We are making good progress with our strategic focus to build a sleep wellness brand, as a key differentiator to peers and to secure the foundations for a profitable and sustainable future for eve.'
'There has been a step-up in the depth and breath of product ranges, a 50% increase in brand awareness and improvements to our technology and systems to ensure the best experience for customers, all of which have driven a meaningful improvement in the customer repeat rate.'
'In tandem, costs and cash are better managed, which is evident in the H1 reduction in losses and the cash outflow.'
'While the headwinds have increased, we have a flexible and adaptable business model, alongside a strategy that will clearly differentiate eve in the longer term from peers.'
'We will continue to focus on the rebuild strategy through a combination of organic improvements and inorganic opportunities as and when they arise.'
At 8:15am: (LON:EVE) Eve Sleep Plc share price was -0.1p at 2.8p