Naked Wines has insisted it’s in a “better position” as it narrowed its losses for the first half of its financial year.
The wine retailer reported a pre-tax loss of £5.6m for the six months to 30 September, an improvement on the £9.7m loss for the same period last year.
Revenue at the retailer dropped 15% to £112.3m, but it urged that its turnaround strategy was working and described its current trading as “solid”.
Naked Wines chief executive Rodrigo 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.”
Last month the group hired Dominic Neary as its new chief financial officer, who joined from workplace training consultancy MindGym.
“I am pleased to welcome Dominic as our new CFO,” said Maza.
“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 the outlook, Naked Wines said that early peak season trading had seen liquidity and cash “continuing to improve”, holding the previous guidance of £22.9m, up £20.1m on last year.
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