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Eve sleep FY results beat expectations, rebuild strategy complete

Mattress company Eve Sleep reported 2020 results “ahead of twice raised expectations” on Thursday as it narrowed its losses and said the rebuild strategy had completed ahead of plan.
In the year to 31 December 2020, statutory losses narrowed to £2m from £12.1m in 2019, with the underlying EBITDA loss coming in at £2m versus £10.9m the year before. Revenue rose 6% to £25.2m, with year-on-year growth of 19% in the second half.

The year was “dominated by the pandemic”, Eve said, with heightened sales volatility in the early months. However, from May onwards sales grew strongly and have remained elevated thanks to the trend towards online ordering and the strength of the homeware market.

The company said the results, which have exceeded the board’s twice-raised expectations, were achieved on a marketing budget 49% lower than in 2019.

As far as current trading is concerned, Eve said revenues in the first two months of the year rose 16%, an acceleration on the final quarter of 2020, which was hit by supply constraints.

“The improved financial performance of the business was UK led, with Ireland also benefitting in the fourth quarter from some marketing investment,” it said. “This is reflected in the UK&I’s increased share of total revenues, which has risen from 78% in 2019 to 81% in 2020.”

Chief executive officer Cheryl Calverley said: “Eve’s rebuild strategy is essentially complete, six months ahead of plan. We move now to accelerate our business, with a mind to leveraging our strong brand, efficient marketing, high performing products and excellent customer service to allow us to diversify across markets, channels and categories.

“But we do so carefully. Successful e-commerce businesses win through balancing growth, with customer experience and business resilience, and we will do the same. We seek sustainable, profitable growth and will avoid growth at any cost, and certainly to the detriment of customer experience or business resilience. We’re excited about the opportunities the next few years bring, and we now have a business ready to grasp those opportunities.”

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