RE: 2020 results ahead of twice raised expectations18 Mar 2021 07:16
not sure what people expected but looks very good statement
financial performance ahead of expectations
The central focus of the rebuild strategy has always been to reduce losses and cash burn in order to put the business on a secure and sustainable long term footing. Great progress in 2020 has been made in this regard, with underlying EBITDA[1] losses cut by 81% to GBP2.0m and statutory loss reduced by 83% to GBP2.0m. Cash generation was even stronger, achieving a cash improvement of GBP0.4m, which after adjusting for GBP0.3m of tax payments deferred until post period end, resulted in a maiden cash flow neutral position for the full year. Accordingly, eve closed the year with a healthy statement of financial position, with GBP8.4m (2019: GBP8.0m) of cash and no debt (other than the lease liability for our office premises), without recourse to any further funding.
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so no need to raise anymore cash
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We plan to increase investment in France through 2021 and build on the higher profile that our highly successful retail partnership with Olivier Desforges has provided. This will accelerate our growth in the country and provide a more balanced and sustainable growth profile to the wider business. Unlike the UK, France has not experienced such an accelerated shift to e-commerce over the past year, having maintained 'open high streets' through most of the pandemic. We expect good growth from France in 2021 and beyond through a combination of the continued structural shift to online, combined with investment in our own established and award winning proposition.
With the rebuild strategy now largely behind us, eve is now well placed to embrace the future with renewed confidence.