The recently IPO'd mattress company have been busy in H1 17.
Companies: Eve Sleep PLC
Eve Sleep (LON: EVE) has released its interims today for the six months to June 2017 which detail their maiden results since they listed on the AIM market in May.
The Group, who sell mattresses, bed frames, pillows and other bedding have reported strong numbers in the first half of 2017, highlighted by revenue growth of 126% and gross profit growth of more than 140%.
Revenue is up from £5.1m in H1 16 to £11.5m, while gross profit is from £2.9m to £7m in the same respective periods. EBITDA loss has, however, more than doubled, up from £3.2m in H1 16 to £6.9m in H1 17.
The interims come less than a week after the Group signed a "major" agreement with German department store chain Karstadt, with the deal meaning Eve's products will be on display in all 79 stores throughout Germany.
The Group has been investing heavily in marketing and advertising since its inception, and this remains "central to the Company's growth strategy" Management said.
Commenting on the interims, Group 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."
EVE is now active in 15 countries throughout the UK and Europe.
The Group raised £35m for its May IPO to be valued at £140m on their opening day of trading. Today's market cap is around £112m, with share prices dropping 20% since the Group's float date.
EVE only began trading in 2015, yet revenue grew from £2m to £12m in just one year (2015-2016) and is expected to grow significantly in 2017 and beyond. Consensus forecasts revenue of £27m in 2017 with today's interims showing the Group is on track to reach this. However, EVE is forecast to continue to trade at a loss of c. £12m for FY17 and FY18.
