Naked Wines posts widened loss
Naked Wines has posted a widened loss and a decline in revenue as it works to return the business to growth.
In the six months to 2 October, its total revenue fell by 20% to £132.3 million while its pre-tax loss grew to £9.7 million from £0.2 million a year earlier.
Naked Wines said revenues dropped in all markets which the company mainly attributed to a reduction in repeat customer sales.
Rowan Gormley, Naked Wines executive chairman, said: “We are moving towards a period of sustained cash generation. We have taken out £3 million of cost with £10 million more to come and expect to generate £40-50 million of cash from inventory over the next 18 months.
“In addition we have made good progress with testing an enhanced customer proposition to restore us to growth. I want to thank our people, our winemakers and our customers for their support and reiterate our determination to make sure that they are rewarded for it.”