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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… View Article

FOOD AND DRINK NEWS UK

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.”

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