StockMarketWire.com - Struggling mattress retailer Eve Sleep booked a deeper annual loss and said both its finance and operations heads would leave the company

Pre-tax losses for the year through December amounted to £20.3m, compared to losses of £19.0m on-year.

Revenue rose 25% to £34.8m, but was more than offset by higher marketing, staff and other expenses.

Chief financial officer Abid Ismail would stand down, but not until the summer to ensure a smooth transition.

Chief operator officer Felix Lobkowicz would also leave, to pursue new opportunities, while chief brand officer Kuba Wieczorek would move from being a full-time team member to a part-time consultant.

'We have made some good early progress with our rebuild strategy and have secured the funds to execute on it,' chief executive James Sturrock said.

'As part of our pathway to profitability plan we have taken decisive action on our cost base, including a significant reduction in administrative expenses compared to 2018 along with a refocused and reduced marketing investment strategy removing inefficient activity.'

'When combined with the expected benefits of our rebuild strategy, we anticipate a significant reduction in losses in 2019.'


At 2:23pm: [LON:EVE] Eve Sleep Plc share price was +0.5p at 8.75p



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