Shares of Eve Sleep Plc (LON: EVE), a British online mattresses retailer today fell 14.3% after the company released its interim results for H1 2020, saying that it expects its annual loss to be much lower than was initially expected.
According to the interim results, the online mattress retailer saw sustained demand for its products throughout the coronavirus pandemic lockdown period up to now.
Hence, it now expects annual revenues of at least £22 million for the year ended 31st December 2020, which is slightly lower than the £23 million recorded last year.
The Eve Sleep group reassured investors that it was in a much better position to weather any future challenges and to exploit any rising opportunities given that it had cash at bank of £9 million as of August 31, 2020.
The firm’s revenues for the six months ended 30th June fell 5% to £12 million, however, its pretax losses shrunk 81% to £1 million.
Eve Sleep share price
Eve Sleep shares today fell 14.3% to a low of 5.50p having closed Monday’s session trading at 6.42p.