REG - Naked Wines PLC - Pre-Close Trading Update

Naked WinesAnnouncement

25/04/2025 07:00

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RNS Number : 1129G  Naked Wines PLC  25 April 2025

25 April 2025

 

Naked Wines plc

('Naked Wines' or 'Group')

 

Pre-Close Trading Update

 

FY25 performance in line with guidance

 

Naked Wines is today pleased to provide a pre-close trading update in respect
of the 12 months ended 31 March 2025 ('FY25'), ahead of reporting audited FY25
results in the summer*.

 

The Group's FY25 performance continued to track in line with management's
expectations, and as such Naked Wines will report results in line with the
previously communicated guidance (reiterated at the bottom of this
announcement).

 

Revenue of circa £250m reflects consistent delivery of management's
expectations across all markets.

 

Underlying EBITDA excluding inventory liquidation will be within the guidance
range. As previously communicated, due to the actions to speed up releasing
capital from inventory, inventory liquidation costs will be at the top end of
the guidance range, but this benefits cash in FY25 and beyond.

 

Net Cash of £31m in constant currency (£30m actual FX) is towards the
top-end of the guidance range; it also reflects in excess of £2m of early
payments at the end of March 2025 resulting in lower costs in FY26.

 

As communicated within the New Strategic Plan announcement in March 2025, the
Group is focused on finalising a near-term limited distribution policy in
conjunction with its financial partners, and hopes to be in a position to
provide an update shortly.

 

At the time of the FY25 results in the summer, the Group will provide guidance
for FY26 as well as updates on areas of its New Strategic Plan.

 

*This update contains unaudited financial information subject to final audit
review.

 

FY25 Guidance(1) (reiterated):

 

 KPI                                               FY25
 Revenue                                           £240m - £270m
 Underlying EBITDA excl. inventory liquidation(2)  £4m - £9m
 Net Cash(3)                                       £25m - £35m
 Inventory                                         £2m - £7m

 liquidation costs(4)

 

1.     This guidance has been provided based on constant FX rates of 1 GBP
= 1.27 USD and 1.85 AUD as previously communicated

2.     Underlying EBITDA excludes inventory liquidation costs and
exceptional items.

3.     Net cash (excl lease liabilities); The amount of cash we are
holding less borrowings at year end excluding lease liabilities.

4.     Inventory liquidation costs include bulk and cased goods, excess
overhead absorption (low production vol.), and associated storage costs.

 

For further information, please contact:

 

 Naked Wines                                                                                     IR@nakedwines.com (mailto:IR@nakedwines.com)
 plc

 Rodrigo Maza, Chief Executive Officer

 Dominic Neary, Chief Financial Officer

 Catherine Miles / Libby Bundock

 Investec (Nomad & Joint Broker)                                                                 Tel: 0207 597 5970

 David Flin / Ben Farrow

 Panmure Liberum (Joint Broker)                                                                  Tel: 0203 100 2222

 Ed Thomas / John More / Dru Danford

 Vigo Consulting (Financial PR)                                                                  Tel: 0207 390 0230

 Tim McCall, Damian Reece, Guy Scarborough

 

About Naked Wines

 

Naked Wines (https://www.nakedwines.co.uk/)  is not just an online wine
retailer; we're trailblazers on a mission to enable enthusiastic wine drinkers
to enjoy great wine without the guesswork.

Founded in 2008, on the pillars of quality, choice and fair pricing, we set
out to create the most inclusive wine club in the world - dedicated to
transforming the wine-buying experience and empowering people to make their
own wine choices, and championing world-class independent winemakers. We've
proudly been delivering outstanding wines to our customers (who we call
Angels) for over 16 years.

 

Our business model is simple yet innovative: Naked Wines funds the production
costs for winemakers upfront, allowing them to focus on creating exceptional
wines without the financial burdens of traditional wine production, while
passing the resulting savings back to our customers.

 

The virtuous circle is a win-win for both wine lovers and winemakers, and
enables us to deliver superior benefits to our customers:

 

- Better quality wine

- More choice

- Personalised wine recommendations

- Elimination of guesswork and uncertainty

- Fair payments for all involved

 

Our Angel customers in the UK, US and Australia have direct access to over 300
world-class independent winemakers and over 2,500 quality wines from 23
countries.

 

For more information visit nakedwinesplc.co.uk
(https://www.nakedwinesplc.co.uk/)  and nakedwines.co.uk
(http://nakedwines.co.uk/)  or find us @nakedwines
(https://www.instagram.com/nakedwines)

 

 

 

 

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