FY25 Year in Review

When I stepped into the CEO role last year, I made three commitments: to lead transparently, operate with discipline, and act responsibly. FY25 was the first full year of delivering on those promises.

We focused on fixing the foundations, embedding a data-driven culture, and launching a clear strategy for value creation and growth. While there’s still work ahead, we are a stronger, more focused business today, with momentum building across our markets.” Read more in our CEO’s review.

Overview

Full year highlights: 

  1. Revenue of £250.2m in line with management expectations across all markets, with -14% year-on-year (-18% FY24 on FY23);
  2. Gross Profit Margin1 of 18.4% (FY24: 18.9%) broadly flat, with improvements in repeat contribution margin offset by the impact of increased bulk sales/stock liquidation
  3. Adjusted EBITDA excluding inventory liquidation and associated costs2 of £6.7m (FY24: £8.7m) in line with guidance
  4. Statutory loss before tax of £4.9m improved on prior year (FY24: loss of £16.3m), reflecting the £9.9m impairment costs in prior year
  5. Significant progress made in reducing excess inventory; total inventory (including staged payments to winemakers) down £37m at £108m (FY24: £145m); supported by inventory liquidation costs of £6.5m
  6. Net cash excluding lease liabilities of £30.1m up £10.5m on prior year (FY24: £19.6m)
  7. Positive free cash flow (FCF3) of £18.5m versus £6.7m for prior year, primarily driven by inventory reduction
  8. Return On Equity and Cash4 of 9% versus 9% prior year
  1. Gross Profit Margin %: Gross profit as a % of revenue
  2. Adjusted EBITDA excluding inventory liquidation and associated costs: EBITDA excluding inventory liquidation and associated costs and adjusted items
  3. FCF = Free Cash Flow: Operating cash flow less capital expenditure
  4. ROEC = Return On Equity and Cash: EBITDA excluding inventory liquidation and associated costs, and adjusted items, as a percentage of equity plus debt including cash and cash equivalents. We have included cash in the denominator because we have committed to distributing as much cash as possible in the coming years. Doing so, will be reflected in this metric.

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