RE: Biggy10 Jan 2020 15:35
Eve Sleep losses reduced but revenue declines
26 September 2019 | 08:15am
StockMarketWire.com - 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.
Back in Sept. "Revenue declined to £12.9m from £14.1m"
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.'