Eve Sleep bounces as new boss outlines non-mattress plans
Eve Sleep's newly appointed chief executive James Sturrock unveiled his new strategy for the mattress maker on Thursday following the group's strong performance leading into the new year.
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Sturrock hopes to more than double the AIM-listed company's non-mattress related product range in its upcoming trading year in order to drive further cross selling opportunities and increase repeat orders and drive traffic growth.
With just six weeks left in the trading year, Eve now expects to deliver revenues "in line or above revised full year expectations" after the early success of its partnership with retail chain Dreams.
However, Eve did note that, as part of its business review, revenues were likely to be lower than previously expected for the upcoming trading year as it shifts towards building capabilities in customer experience, expanding the product range and enhancing the delivery proposition.
For this purpose, Eve announced its intention to raise approximately £15m to fund these changes.
While the firm did not give a specific date, Eve said the fundraiser would be launched before the end of the year. "The company has already received material levels of support for the planned fundraise from certain existing shareholders at a price that is significantly higher than the prevailing share price," it said.
As of 0855 GMT, Eve shares had soared 25.34% to 18.17p.