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Eve Sleep posts uplift in revenue as it targets UK profitability in 2018

Bed retailer Eve Sleep has reported revenue growth of 132% in the year to 31 December 2017.

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Eve Sleep posts uplift in revenue as it targets UK profitability in 2018

The company, which listed on AIM in May 2017, said sales in the UK and Ireland rose by 109% and by 174% in its international business.

However, Eve Sleep posted a statutory pre-tax loss of £19 million in the period which was up from a loss of £11.3 million in the previous year although the company said it is aiming to achieve UK profitability at the end of 2018 and group profitability by the end of 2019.

During the year, the company upped its investment in marketing and overheads to support a quicker than expected retail roll-out and its European expansion.

Commenting on the results Eve Sleep chief executive Jas Bagniewski said: "In what is just our third year of operation we have more than doubled sales and driven substantial improvement in gross margins, whilst raising £35 million of growth capital from our listing on AIM.

“We are building a sizeable business across Europe that we believe will continue to win market share from traditional operators as the £26 billion sleep market continues to transition online. Our results to date demonstrate that we have a winnable customer proposition in both the UK and Continental Europe and have a management team that can execute.”

The company is operational in 15 countries and has 145 stores across the UK and Germany.

Giving an update on more recent trading, Eve Sleep said trading for the current year has started well with sales for the first six weeks up 94% on the same period last year.

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