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Naked Wines posts underlying loss; says new year off to promising start

By BFN News | 07:41 AM | Wednesday 24 June, 2020

Online wine retailer Naked Wines posted an underlying annual loss but said it had gotten off to a good start to the new financial year. Pre-tax profit for the year through March amounted to $8.3m after the company booked a $14.8m gain on the sale its Majestic Wine and Lay & Wheeler businesses. However, with those gains stripped out, pre-tax losses from continuing operations amounted to £5.4m, compared to losses of £9.9m on-year. Revenue rose 14% to £203m, with sales in the US up 20%. Naked Wines said its results from continuing operations were 'marginally ahead' of expectations. The company said it had experienced an encouraging start to the new year, with 81% revenue growth in its first two months. 'I'm delighted to report a strong set of results to conclude a year of transition for Naked Wines,' chief executive Nick Devlin said. 'We are ending the year with great momentum behind our growth plans and a simplified, well-capitalised online pureplay model that is ideally suited to the current climate.' 'I believe the enduring impact of Covid-19 will be to accelerate trends towards direct, online models in categories like wine and that Naked is well positioned to deliver the combination of quality, value and community customers are looking for.' Naked Wines also announced that chief financial officer James Crawford would be appointed head of its UK business. Crawford would step down from the board upon identification of his successor as CFO. Story provided by

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