Foundations laid to focus on profitable growth and cash generation

My priorities… 

I want Naked Wines to be the most admired company in our industry. It’s a bold ambition that will require us to have removed our liquidity constraints, to build a brand that does justice to the engagement customers have with our company, to partner with independent winemakers to amplify our portfolio and to get the absolute best out of an incredibly talented team. The bad news is that all these things will take time to build. The good news is that we have a strong foundation from which to do so.

My priorities, as the CEO of the Company, are:

  1. Ensuring robust foundations
  2. Proud to be Naked 
  3. Get Naked back to growth 

Read more in our CEO’s review

Overview

Full year highlights: 

  • Total sales of £290m, (18)% year-on-year ((13%)% on a 52 week comparable basis1) 
  • Adjusted EBIT 1 of £5.0m (FY23 52 week comparable: £14.9m), at the upper end of guidance range of £2-6m;
  • Statutory loss before tax of £16.3m (FY23: loss before tax £15.0m) driven by non-cash goodwill impairment and inventory provision charges of £12.2m (FY23: £28.4m);
  • Inventory reduced by £13m to £132m (FY23: £145m), net £13m provision (FY23: £11m) 
  • Net cash6 (excluding lease liabilities) of £20m (FY23: £10m), above guidance range of £5-15m 

Notes:

  1. In addition to statutory reporting, Naked Wines reports alternative performance measures (APMs) which are not defined or specified under the requirements of UK-adopted international accounting standards. The Group uses these APMs to improve the comparability of information between reporting periods by adjusting for certain items which impact upon IFRS measures to aid the user in understanding the activity taking place across the Group's businesses. Definitions of the APMs used are given at the end of this announcement.
  2. The amount of cash held less borrowings at year end excluding lease liabilities.

 

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