Eve Sleep PLC (EVE)

  • Change Today:
  • 52 Week High: 8.80
  • 52 Week Low: 0.83
  • Currency: UK Pounds
  • Shares Issued: 272.34m
  • Volume: 1,535,454
  • Market Cap: £3.40m
  • RiskGrade: 101

Eve Sleep narrows interim losses but revenue drops

By Michele Maatouk

Date: Thursday 26 Sep 2019

LONDON (ShareCast) - (Sharecast News) - Mattress specialist Eve Sleep, which recently ended merger talks with rival Simba, posted a narrowing of its interim losses on Thursday but a drop in revenues.
In the six months to the end of June, statutory pre-tax losses narrowed to £6.7m from £12m in the same period a year ago, but revenue declined 8% to £12.9m as the company continued to take a hit from heavy discounting by its competitors and an uncertain macroeconomic backdrop.

Eve said sales of non-mattress products now contribute 24% of revenues, up from 21% last year, while the customer repeat rate increased to 19% from 16%.

The retailer announced last week that merger talks with Simba had ended as it warned that full-year revenues would take a hit from discounting by competitors and "continuing low levels of consumer confidence". The group said annual revenues would be between £25m and £27m.

It said on Thursday that the revision in revenue expectations is expected to have some flow through to the EBITDA loss, though a substantial year-on-year reduction in second-half losses and the full year loss is still expected.

Chief executive officer James Sturrock said: "There has been a step-up in the depth and breadth 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 1120 BST, the shares were down 5.7% at 2.74p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.


Eve Sleep PLC Market Data

Currency UK Pounds
Share Price 1.25p
Change Today 0.000p
% Change 0.00 %
52 Week High 8.80
52 Week Low 0.83
Volume 1,535,454
Shares Issued 272.34m
Market Cap £3.40m
RiskGrade 101

Eve Sleep PLC Star Ratings

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Eve Sleep PLC Dividends

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Trades for 10-Jul-2020

Time Volume / Share Price
15:49 17,642 @ 1.22p
11:18 230,769 @ 1.30p
10:52 200,000 @ 1.30p
09:37 150,000 @ 1.30p
09:33 153,230 @ 1.30p

Eve Sleep PLC Key Personnel

Chair Paul Pindar
CFO Tim Parfitt
CEO Cheryl Calverley

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