Eve Sleep plc: Trading statement

DJ Eve Sleep plc: Trading statement

Eve Sleep plc (EVE) 
Eve Sleep plc: Trading statement 
 
03-Dec-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
      Trading update 
 
      Strong trading through November, further upgrade to expectations 
 
eve Sleep ("eve", the "Company), the direct to consumer sleep wellness brand 
 operating in the UK, Ireland and France announces a trading update covering 
      the eleven months ended 30 November 2020, following a successful Black 
            Friday trading period. 
 
 As previously reported on 3 September trading was strong through the summer 
 months. As a result the Board raised revenue expectations for the full year 
   ended 31 December 2020 to at least GBP22m, with a commensurate reduction in 
   EBITDA losses. Since that announcement, trading momentum has continued at 
  elevated levels, with particularly strong performances across our mattress 
    and bedframe ranges. The November Which? consumer group review of the UK 
mattress market concluded that eve now has the two best mattresses in the UK 
and three of the top five. This, combined with recent product launches, such 
       as the 'well slept' range of sleep accessories, fueled by the initial 
  success of the 'switch off' TV campaign - which launched on 1 November and 
  will run every Sunday evening until April 2021 on Channel 4 - has resulted 
     in year-on-year revenue growth of some 15% for the five months ended 30 
   November 2020. As a result the Board now expects full year revenues of at 
     least GBP24m and a reduced Underlying EBITDA loss of approximately GBP2.5m, 
            which would represent a 77% year-on-year reduction. 
 
        As at 30 November 2020 the Company had a net cash position of c.GBP8m. 
    December is also an important trading period and accordingly the Company 
 will provide a more detailed trading update for the full year on 21 January 
            2021. 
 
            Cheryl Calverley, CEO of eve Sleep commented: 
 
  "We have had a strong November and a remarkable performance over the Black 
 Friday period, with sales over the four days totalling GBP1.1m, up 45% on the 
   previous year. On Black Friday itself we sold a mattress on average every 
three minutes. eve continues to cement its position as a premium provider of 
         sleep wellness products and it is pleasing to see this increasingly 
   recognised by independent review bodies such as Which?, who've recognised 
eve's hybrid range as the best mattresses in the UK, as well as partnerships 
    with premium store based brands, such as Olivier Desforges in France and 
            Dunelm and Next in the UK. 
 
 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." 
 
 The information contained within this announcement is deemed by the Company 
          to constitute inside information stipulated under the Market Abuse 
            Regulation (EU) No. 596/2014. 
 
For enquiries, please contact: 
 
eve Sleep plc 
 
Cheryl Calverley, Chief Executive       via M7 Communications 
Officer                                 LTD 
 
Tim Parfitt, Chief Financial Officer 
finnCap Ltd - Nominated Adviser and     Tel: [phone] 
Broker 
 
Matt Goode / Ed Whiley - Corporate 
Finance 
 
Alice Lane - Equity Capital Markets 
M7 Communications LTD - PR/IR           Tel: [phone] 
 
Mark Reed 
 
ISIN:          GB00BYWMFT51 
Category Code: TST 
TIDM:          EVE 
LEI Code:      2138007BAC29AUXWQE6 
Sequence No.:  88944 
EQS News ID:   1152457 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

December 03, 2020 02:00 ET (07:00 GMT)