Naked Wines reports £200m revenues in FY results

Naked Wines has reported a 14% increase in revenues to £203m for the full-year period ended 30 March, up from £178.4m the previous year.

The company also revealed that losses before tax also reduced to £5.4m, compared with £10m in 2019.

Naked Wines said the outbreak of the coronavirus pandemic during the final weeks of its financial year was attributed to a “significant improvement in sales”.

Group CEO, Nick Devlin said he was “delighted” to report a “strong” set of  results to conclude a year of transition for Naked Wines.

He said: “We are ending the year with great momentum behind our growth plans and a simplified, well-capitalised online pure play model that is ideally suited to the current climate. 

“I would like to thank all our colleagues for their determination, flexibility, and commitment to our customers throughout the year, but especially over the past three months. I’m proud of the way they have allowed Naked to respond to the challenges posed initially by Covid-19 and subsequently by the sharp acceleration in growth we have seen since mid-March.”

He added: “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 the promotion of CFO, James Crawford, to managing director of Naked Wines UK business.

Upon identification of his successor as CFO Crawford will step down from the board.

Crawford has been managing the UK businesses on an interim basis since November 2019.

Commenting on the promotion, Devlin said: “In his long standing role as CFO of Naked, James has guided the business through start-up challenges and along its rapid growth trajectory. 

“Under his tenure the Naked business has grown four times in size, demonstrated its potential in the US market and navigated the challenges of transition to a listed environment.”

He added: “As James moves on from the CFO role Naked has never been in better shape; with a strong balance sheet and lean, asset light model ideally positioning us to take advantage of the opportunity to invest in growth through uncertain times.”