eve Sleep revenues up 126%

eve Sleep's revenues rose by 126% to £11.5m in the six months to the end of June with gross profits up 142% at £7.0m.

The group's adjusted losses before interest, tax, depreciation and amortisation increased to £6.9m from £3.2m and the statutory pre-tax loss rose to £9.1m from £3.2m.

Chief executive Jas Bagniewski said: "Our maiden results as a listed company demonstrate extensive strategic progress and strong trading momentum.

"In tandem with the topline growth, the benefits of scale are starting to come through with improving cost metrics, particularly in the more established UK business.

"The substantial uplift in brand awareness and the improved performance on Google search in the period, both absolute and relative to our competitors, will be boosted in the second half by our new TV campaign, which launched in the UK, France and Germany in August.

"This will be further enhanced by our recent retail partnerships with Next Home and Karstadt, which, in addition to increasing brand awareness, provides a nationwide network of high quality outlets for those customers who still prefer to try before you buy, in Europe's two largest mattress markets.

"We are a young company with much to prove in the £26bn European sleep market.

"While the broader furniture market including mattresses has been slow to transition to online purchase, the pace of change is now starting to accelerate.

"The combination of our compelling customer proposition, digital expertise and brand strength, combined with our scalable low cost business model, gives me confidence that we will win out over traditional and new operators and deliver for all of our shareholders."

At 9:06am: (LON:EVE) Eve Sleep Plc Ord 0.1p share price was +0.5p at 81.5p