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Share Price: 53.30

Bid: 50.10

Ask: 53.00

Change: -0.70 (-1.30%)

Spread: 2.90 (5.788%)

Open: 53.00

High: 53.30

Low: 52.90

Prev. Close: 54.00

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Naked Wines sees swing to interim loss; confirms Crawford as CFO

Wed, 07th Dec 2022 12:51

(Alliance News) - Naked Wines PLC on Wednesday reported a swing to interim loss despite sales rising. It also named a new chief financial officer.

Shares in the Norwich-based online wine seller were trading 7.0% higher at 104.06 pence on Wednesday in London.

For the 26 weeks that ended on September 26, Naked Wines reported total sales of GBP165.8 million, up 4.1% from GBP159.3 million a year before. However, it swung to a loss of GBP215,000 from a profit of GBP1.3 million, as finance costs rose to GBP565,000 from just GBP47,000 a year before.

General and administrative costs increased by 36% to GBP25.5 million from GBP18.8 million.

Chief Executive Nick Devlin says: "We announced in October our decisive plans to deliver profitability through reshaping our strategy. In the half we took the first steps to reduce our costs and drive improvements to our liquidity, profitability and unit economics in the near-term. Ultimately, we are laying the foundation for a return to our ambition of sustained, profitable growth, whilst also providing ourselves with greater resilience."

Looking ahead, Naked Wines said it will continue to operate on a reduced cost base in financial 2024. Marketing costs will remain "substantially lower than financial 2022 in financial 2024 unless there is a "marked improvement in customer recruitment economics". But it expects "stronger profitability in financial 2024".

The company expects revenue to be in the range of GBP340 million to GBP360 million in financial 2023.

Naked Wines confirmed Interim CFO James Crawford as permanent CFO and executive director, effective immediately and returning to a role he previously held. Crawford also has been serving as UK managing director, and Naked Wines now will recruit to fill that role.

Crawford served as finance director from 2014 to 2015 and group CFO from 2015 to 2020 before becoming UK MD. He has been with Naked Wines for almost nine years. Prior to that, he spent 14 years in various finance and business development roles at brewer and distiller Diageo PLC.

By Xindi Wei, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2022 Alliance News Ltd. All Rights Reserved.

More News

2 Apr 2024 15:16

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20 Mar 2024 13:47

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(Alliance News) - Naked Wines PLC shares rose on Wednesday, after it said it has had "constructive" talks to replace or renew its current credit facility.

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5 Feb 2024 11:51

IN BRIEF: Naked Wines promotes former AB InBev, Modelo exec as new CEO

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5 Feb 2024 08:19

Naked Wines appoints regional MD as new CEO

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18 Jan 2024 13:33

Naked Wines sales continue to fall; plans to axe jobs

(Alliance News) - Naked Wines PLC on Thursday said its sales continued to fall in its third quarter, and it plans to axe jobs as part of a cost saving measure.

18 Jan 2024 12:35

Naked Wines to cut jobs as sales continue to fall

(Sharecast News) - Naked Wines announced job cuts on Thursday as it looks to reduce costs, as it reported a drop in sales over the peak third-quarter trading period, in line with its expectations.

18 Jan 2024 09:16

LONDON BROKER RATINGS: Exane BNP cuts BAE; Liberum lifts Naked Wines

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

15 Dec 2023 12:40

Naked Wines half-year loss widens, revenue declines on sales drop

(Alliance News) - Naked Wines PLC on Friday said its interim loss widened on impairments, while a decrease in customer sales drove a plunge in revenue.

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LONDON BROKER RATINGS: SocGen cuts Centrica; Barclays raises Trainline

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Naked Wines sees losses widen as revenues slide

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LONDON BRIEFING: Stocks called up slightly; US Fed's euphoria runs out

(Alliance News) - Stocks in London are called to open slightly higher on Friday, with the euphoria from the US Federal Reserve's slight policy pivot running out of speed.

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LONDON MARKET CLOSE: FTSE 100 held back by miners and oil firms

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