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Eve sees losses mount as it looks to the black

Mattress retailer eve Sleep says it is on course to make a profit in the UK and Republic of Ireland by the end of the year, despite group losses increasing by almost £8m.

Last year UK and Republic of Ireland sales grew from £7.73m to £16.14m. Gross profit grew from £3.95m to £9.95m. European sales rose from £3.15m to £10.56m with gross profits of £5.7m, up from £1.38m.

Pre-tax losses rose from £11.33m to £18.97m.

‘In what is just our third year of operation we have more than doubled sales and driven substantial improvement in gross margins, whilst raising £35m of growth capital from our listing on AIM. Our progress was strong in H1, and accelerated further in H2, giving a full year growth rate of +132%. This step up in growth was evident in the UK and our international markets and was secured in tandem with a further and substantial improvement in marketing efficiency,’ said Jas Bagniewski, Eve ceo.

‘We are building a sizeable business across Europe that we believe will continue to win market share from traditional operators as the £26bn sleep market continues to transition online. Our results to date demonstrate that we have a winnable customer proposition in both the UK and Continental Europe and have a management team that can execute. We are still targeting to achieve UK profitability at the end of 2018 and group profitability by the end of 2019.’