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Eve Sleep annual results top its expectations as losses fall
StockMarketWire.com
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Sleep wellness brand Eve Sleep reported annual results that topped expectations that had been twice revised upwards, as annual losses narrowed on higher revenue.
For the year ended 31 December 2020, pre-tax losses narrowed to £2.4 million from £12.5 million year-on-year as revenue increased 6% to £25.2 million.
Gross margin improvement was up 418 basis points to 57.3%.
Sales had 'exceeded the board's twice raised expectations, [and] was achieved on a marketing budget 49% lower than the previous year,' the company said.
In the first two months of the year, revenue increased 16%, representing an 'acceleration from the last quarter of 2020, where growth was held back by some supply constraints,' the company said.
At 8:58am: (LON:EVE) Eve Sleep Plc share price was 0p at 3.6p
Story provided by StockMarketWire.com
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