StockMarketWire.com - Mattress company Eve Sleep narrowed losses by more than a third as cost cuts boosted margins offsetting a fall in revenue.

For the year ended 31 December 2019, pre-tax losses narrowed 38% to £12.5m and revenue fell 31% to £23.9m on-year.

Core markets gross profit margin increased by 70 basis points to 53.4% in 2019 as distribution costs as a percentage of revenue fell 20 basis points to 11.4% in 2019. The company said trading in the first two months had started well, but deteriorated in the since mid-March 2020, amid a fall in traffic and consumer demand attributable to the 'fast changing Covid-19 situation, and added that was 'reasonable to expect somewhat subdued demand for a period of time whilst the COVID-19 situation prevails.'

At 9:25am: [LON:EVE] Eve Sleep Plc share price was +0.03p at 0.85p



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