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Eve Sleep expects smaller full-year loss after defensive pandemic performance

Revenue for the year to December 31, 2020, is expected to be at least £22mln

Eve Sleep PLC - Eve Sleep expects smaller full-year loss after strong pandemic momentum

Eve Sleep PLC (LON:EVE) said the strong trading momentum seen during the coronavirus (COVID-19) pandemic has continued through the summer.

As a result, the group said its revenue for the year to December 31, 2020, is expected to be at least £22mln, compared to £23mln last year, while its underlying loss is forecast to be lower than original expectations.

READ: Eve Sleep’s reawakening rests on a thick bed of data

The group said economic uncertainty is likely to persist but it is now in a stronger position to weather challenges and capitalise on opportunities.

The AIM-listed mattress producer has partnered with Boots to stock a range of 'well slept' eve Christmas gifting products online and across their UK store estate from October, while its French retail collaboration with house linen designer Olivier Desforges has been rolled out to eight stores.

In the six months to June 30, 2020, Eve Sleep's revenue slipped by 5% to £12mln, while its loss before tax narrowed 81% to £1mln. As of August 31, 2020, the group had £9mln in the bank.

"The interim results confirm a strong performance in the period reflecting strategic management initiatives over the past two years, reductions in the cost base, a significant increase in marketing efficiency, positive market trends towards online ordering and a reduced competitive landscape due to COVID-19," analysts at house broker finnCap noted.

Shares slid 8% to 5.91p on Tuesday morning.

--Adds analyst comment, shares--

Quick facts: Eve Sleep PLC

Price: 4.8 GBX

LSE:EVE
Market: LSE
Market Cap: £13.08 m
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