Naked Wines toasts progress as losses are slashed
The boss of Naked Wines has said the brand is “in a better position, both financially and strategically” after slashing its losses during the first half of its financial year.
The Norwich-headquartered company has reported a pre-tax loss of £5.6m for the six months to 30 September, 2024, down from the £9.7m loss it posted for the same period in 2023.
However, Naked Wines’ revenue also fell from £132.3m to £112.3m.
The half-year results come after Rodrigo Maza was hired as CEO in April while Dominic Neary joined as chief financial office in November.
Maza said: “Naked Wines is in a better position, both financially and strategically.
“We now have robust financial foundations, and our members remain loyal and engaged.
“Our strategic initiatives centred around customer acquisition and retention are generating learnings, and we are currently experiencing solid trading during the peak season period.
“I am pleased to welcome Dominic as our new CFO. His experience in digital and international businesses have helped him quickly transition, and I look forward to working with him as we focus the business on cash, profitability and growth.”
On its outlook, Naked Wines said its early peak season trading has been “solid” while its liquidity and cash are “continuing to improve”.
It added that its full-year performance is expected to be in line with previous guidance.
However, the business added that its US inventory, “whilst in line with previously communicated plans, remains overstocked”.
It said it is “reviewing options” to release capital from its inventory in a move which would drive improved cash in the coming two years but could lead to increased liquidation costs and result in EBIT at the lower end of guidance.
Naked Wines added: “A performance review is underway, proactively evaluating options to maximise shareholder value; we will report back by the end of the financial year.”