Naked Wines sees revenue slump following tough trading conditions
Loss making Naked Wines said revenue slid in the year to April, following a tricky period which included the business cutting jobs and hiring advisors.
On Tuesday, the firm said total revenue came in at £290m, down 13 per cent on last year’s figures but in line with company expectations.
Adjusted EBIT also came in at around £5m which was at the upper end of guidance, but £10m less than what was reported back in 2023.
The firm said it also had net cash of £20m, which was “materially above” the guidance range of £5-15m.
Naked Wines has struggled over the past year, revealing last December it had hired advisors to help with a restructuring.
It has also cut 50 jobs including two board member roles in an effort to shore up costs.
This followed a series of profit warnings and reporting a £15m loss.
The troubled business has already seen its share price fall by over a third in the last year, leaving it with a market capitalisation of around £50m.
Earlier this year, Naked Wines appointed former MD Rodrigo Maza as chief executive.
Commenting on the results, Maza, said: “These results demonstrate the continued progress that is being made to make the business leaner and stronger.
“With higher levels of cash, a moderating decline in sales and demonstrable underlying profitability we have a strengthening platform from which to build as we continue to drive towards profitable growth. “
He added: “FY24 was a challenging year for our winemakers, our staff, our customers and our shareholders and I’d like to thank all of them for their continued support and loyalty. We hope to continue demonstrating tangible progress in FY25.”