Eve Sleep shares down, despite “strong trading momentum”

Eve Sleep shares (LON: EVE) were down over 7% on Tuesday’s opening after the group released its latest results.

For the six months ended 30 June 2020, revenue fell from £12.9m to £12.2m whilst gross profits increased by 1% to £6.8m.

The company expects full-year revenues to reach £22m due to “strong trading momentum”, whilst the group also boasts a year-on-year increase of customers by 7%.

“This has been a highly unusual and complex trading period,” said Cheryl Calverley, Eve Sleep’s chief executive.

“Eve has benefited significantly from the accelerated switch to online, the temporary closure of high street retailers, and the recent increased consumer investment in the home, which, combined with the hard work on the rebuild strategy, has allowed us to see the fruits of our labour a little sooner than we anticipated.

“The focus now is on building towards a longer-term growth plan as we draw closer to our goal of securing a base as a sustainable, profitable business.

“We do not expect this to be easy, and 2021 like 2020 may well bring both challenges and opportunities as economies shift, consumers reset and competitors rebuild.

“However, I have confidence in our brand, our products, our customer experience and most importantly, our team that we are now well set up to capitalize upon whatever opportunities the next few years may bring,” she added.

Eve Sleep shares (LON: EVE) are trading -14.17% at 5,51 (0901GMT). 

Previous articleNextGen Nano is striving to be at the forefront of green energy innovation
Next articlePolypipe shares surge despite 93% profit plunge
Safiya Bashir
Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.