REG - Naked Wines PLC - Revision of Full Year Results Date, Trading Update

Naked WinesAnnouncement

04/07/2023 10:00

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RNS Number : 9056E  Naked Wines PLC  04 July 2023

4 July 2023

 

Naked Wines plc

 

("Naked Wines" or "Group")

 

Revision of Full Year Results Date, Trading Update

 

Naked Wines plc announces that the release of its audited results for the 53
weeks ended 3 April 2023 (the "FY23 Results"), due on 6(th) July, has been
delayed. A further announcement of a revised date will be made in due course.

 

The Group reiterates the guidance given previously for the FY23 results for:

 

●     Total revenue of c.£350m (flat on a reported basis, -6% to -8% on
a comparable basis(1))

●     FY23 adjusted EBIT of £15-18m, expected at the upper end of the
guided range

●     Closing cash of £10m, with £49m total liquidity through
continued access to our credit facility

 

Sales in the first quarter of the financial year have been below expectations
largely as a result of reduced levels of new customer recruitment.
Extrapolating current trends through the remainder of the financial year would
result in sales of around £300m.

 

As announced separately today, the Board has been strengthened and is revising
the Group's plans with the goal of delivering sustainable, profitable growth
and cash generation. In light of the revisions to the Group's plans the
Auditors require additional time to complete their procedures.

 

Notes:

1) FY23 contained 53 weeks versus 52 weeks in the previous financial year. We
provide comparable 52 week constant currency financial information to
facilitate comparison with our prior financial period, 52 weeks ended 28 March
2022. For reference, we call this 52 week constant currency measure '52 week
comparable' (or simply comparable).

 

 

For further information, please contact:

 

 Naked Wines plc                           IR@nakedwines.com

 Nick Devlin, Chief Executive Officer

 James Crawford, Chief Financial Officer

 Clara Melia / Chris MacDonald

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

 David Flin / Ben Farrow

 Jefferies (Joint Broker)                  Tel: 0207 029 8000

 Ed Matthews / Gill O'Driscoll

 Instinctif (Financial PR)                 Tel: 07917 178 920 / 07931 598 593

 Guy Scarborough / Damian Reece

 

About Naked Wines plc

 

Naked Wines connects everyday wine drinkers with the world's best independent
winemakers.

 

Why? Because we think it's a better deal for everyone. Talented winemakers get
the support, funding and freedom they need to make the best wine they've ever
made. The wine drinkers who support them get much better wine at much better
prices than traditional retail.

 

It's a unique business model. Naked Wines customers commit to a fixed
prepayment each month which goes towards their next purchase. Naked in turn
funds the production costs for winemakers, generating savings that are passed
back to its customers. It creates a virtuous circle that benefits both wine
drinker and winemaker.

 

Our mission is to change the way the whole wine industry works for the better.
In the last financial year, we served more than 934,000 Angel members in the
US, UK and Australia, making us a leading player in the fast-growing
direct-to-consumer wine market.

 

Our customers (who we call Angel members) have direct access to 268 of the
world's best independent winemakers making over 2,200 quality wines in 22
different countries. We collaborate with some of the world's best independent
winemakers like Matt Parish (Beringer, Stags' Leap) and 8-time Winemaker of
the Year Daryl Groom (Penfolds Grange).

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