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Eve Sleep Plc (EVE.L) Announced, in its trading update for the six months ended 30 June 2019, that the company made good progress in reducing EBITDA losses and improving cash management. In line with Board expectations, the underlying EBITDA loss reduced by 50% to £5.9 million from a loss of £11.9 million in H1 2018, driven by the refocus on just three markets, greater marketing efficiency and a reduction in overheads. Net cash at the end of the period was £12.5 million. Group revenue growth for the year is expected to be second half weighted. UK&I revenues for the period were broadly flat at 0.9% below last year, owing to the planned reduction in H1 marketing investment, as well as the challenging retail backdrop and a highly promotional mattress market. Separately, the company announced the appointment of finnCap Ltd as its Nominated Advisor and Corporate Broker with immediate effect.
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