Eve Sleep raises FY revenue guidance after 'strong' Summer trading

3rd Dec 2020 11:21

(Sharecast News) - Mattress retailer Eve Sleep said n Thursday that trading had been "strong" during Summer, leading it to raise full-year revenue expectations.
Eve Sleep upped its 2020 revenue guidance to roughly £24.0m and pointed to a commensurate reduction in underlying losses to approximately £2.5m - a 77% year-on-year improvement.

The AIM-listed group stated that trading momentum had continued at elevated levels, with particularly strong performances across its mattress and bedframe ranges.

Eve also highlighted that it had a net cash position of roughly £8.0m at the end of November.

Chief executive Cheryl Calverley said: "We are undoubtedly benefitting from structural tailwinds, with the shift to online continuing at pace, as well as ongoing strength in the homewares sector.

"There is no visibility as to how long these positive drivers will continue and uncertainties around Brexit and consumer spending remain. However, what is certain is that Eve is in a far better place, in terms of its differentiated brand positioning, its superb product portfolio and its robust financials, to realise the opportunities that 2021 will no doubt bring."

As of 1120 GMT, Eve Sleep shares had rallied 15.91% to 5.10p.