28th Aug 2024 12:59
(Alliance News) - Naked Wines PLC on Wednesday said its annual loss widened only slightly, despite an 18% decline in sales, as it also named a new chief financial officer.
Naked Wines is a Norwich, England-based online wine seller.
Pretax loss widened to GBP16.3 million in the financial year that ended April 1 from GBP15.0 million the year before.
Revenue fell by 18% to GBP290.4 million from GBP354.0 million, but Naked Wines reduced its general and administrative costs by 29% to GBP37.9 million from GBP53.1 million. It also took GBP16.8 million in negative adjusting items, reduced from negative GBP31.6 million in financial 2023.
Naked Wines said it had GBP20 million in net cash excluding lease liabilities at year-end, doubled from GBP10 million a year before.
"We're making real progress turning things round," said Chair Rowan Gormley. "Now that the team has addressed the cost base and liquidity issues, we can focus our attention on the big prize…restoring Naked Wines to profitable growth."
Looking ahead, Naked Wines said trading in the first quarter of the new financial year has been in line with expectations.
"Over the past few months, we have made significant strides by strengthening our financial foundations, embedding resilient management practices, and importantly, crystallising a robust customer proposition," said Chief Executive Officer Rodrigo Maza, who was promoted to CEO earlier this year.
"This proposition not only drives our mission to enable independently-minded wine drinkers to enjoy great wine without the guesswork but ultimately ensures long-term engagement and a competitive advantage."
Naked Wines also said it has hired Dominic Neary to be new CFO, replacing James Crawford and joining the board on November 11. Neary joins from fellow AIM listing Mind Gym PLC, a London-based personal and business coaching service where he is CFO. Previously, Neary worked at Reckitt Benckiser Group PLC, Just Eat Takeaway.com NV, and Moneysupermarket.com, now Mony Group PLC
Mind Gym said Finance Director Emily Fyffe will be promoted to CFO after a transition period as CFO-designate. Fyffe joined Mind Gym in 2016.
Naked Wine shares were up 6.1% to 54.10 pence midday Wednesday in London. Mind Gym shares were up 1.7% to 24.40p.
By Tom Waite, Alliance News editor
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