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Naked Wines posts 80% increase in first half revenue

Naked Wines has seen its first half revenue climb by 80% to £157.1 million after it benefited from more people buying wine online during Covid-19 lockdowns…. View Article

FOOD & DRINK

Naked Wines posts 80% increase in first half revenue

Naked Wines has seen its first half revenue climb by 80% to £157.1 million after it benefited from more people buying wine online during Covid-19 lockdowns.

However, the retailer posted an adjusted EBIT loss of £3.2 million which marked a £1.3 million improvement from the same time last year.

During the period, Naked Wines invested in growing its customer base and increasing its warehouse capacity by 104%.

Nick Devlin, Naked Wines group chief executive, said: “Naked Wines is a bigger, better business than it was twelve months ago. The last six months have been a critical period in the development of the company. We have delivered exceptional growth and a permanent step change in scale and efficiency for the organisation.

“Ultimately the most significant impact of Covid-19 on Naked Wines is not found in these interim results, but in the way it has accelerated the growth of the online wine category and increased consumer willingness to trial a new and better way to buy wine.”

The retailer said the positive trading momentum has continued into the second half of its financial year and has now raised its full year “central case” growth assumptions to between 55% and 65%.

Devlin added: “Looking ahead, whilst the economic outlook remains uncertain, we move into the second half with continued trading momentum, supported by a strong cash balance and with conviction in the potential to unlock further growth opportunities in all our markets.”

Earlier this week, Naked Wines announced that Shawn Tabak will be joining the business chief financial officer on  7 December.

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