Business
Full Year Results
Full Year Results.
About this update from Naked Wines Plc
[{"type":"text","content":"\n\n19 September 2023\n \nNaked Wines plc\n \n(\"Naked Wines\" or \"Group\")\n \nFull Year Results for the 53 weeks ending 3 April 2023\n \n Foundations laid to focus on profitable growth and cash generation\n \nFull year highlights:\n \n● Total sales of £354m, +1% year-on-year (down 8% on a 52 week comparable basis1)\n● Adjusted EBIT2 of £17.4m, or £16.3m on a 52 week comparable basis (FY22: £2.0m), ahead of guidance (£13-17m) due to lower new customer investment\n● Statutory loss before tax of -£15.0m (FY22: profit before tax £2.9m) driven by non-cash goodwill impairment and inventory provision charges\n● Inventory in line with prior guidance, £166m at year end (FY22: £142m), net £10.3m provision (FY22: £nil)\n● Net cash2 (ex. lease liabilities) of £10.3m (FY22: £39.8m), total available liquidity (cash and credit facility) of £49.1m (FY22: £39.8m)\n \nStrategic highlights\n \n● Credit facility covenants revised to accommodate the destocking process\n● £10m p.a. of further cost savings identified, enhancing customers lifetime value and profitability\n● Foundations laid to make profitability sustainable, growth investment opportunities developing\n● Expect material cash generation across H2 of FY24 and FY25 as excess stock is unwound \n \n\n\n\n\n \n\n\nReported\n\n\n52 wk comp.\n\n\nFY23 vs FY22\n\n\n\n\nGroup Financial Summary (£m)\n\n\nFY23\n\n\nFY22\n\n\nFY23\n\n\nReported\n\n\n52 wk comp.1\n\n\n\n\nTotal Sales3\nNew\nRepeat\n\n\n354.0\n26.9\n320.7\n\n\n350.3\n34.0\n315.1\n\n\n343.7\n26.0\n314.5\n\n\n1%\n(21)%\n2%\n\n\n(8)%\n(29)%\n(6)%\n\n\n\n\n\n\nNew customer investment\nRepeat Customer contribution\n\n\n(21.4)\n86.5\n\n\n(41.3)\n86.2\n\n\n(20.7)\n84.8\n\n\n(48)%\n-%\n\n\n(54)%\n(9)%\n\n\n\n\nGeneral & administrative4\nOperating G&A\nShare based payments\nMarketing R&D\n\n\n(48.0)\n(41.1)\n(1.5)\n(5.4)\n\n\n(43.0)\n(38.9)\n(1.1)\n(3.0)\n\n\n(48.0)\n(41.1)\n(1.5)\n(5.4)\n\n\n12%\n6%\n36%\n80%\n\n\n\n\n\n\n\nAdjusted EBIT\n\n\n17.4\n\n\n2.0\n\n\n16.3\n\n\n770%\n\n\n7%\n\n\n\n\nAdjusted items\n\n\n(31.6)\n\n\n(0.1)\n\n\n-\n\n\nn/a\n\n\nn/a\n\n\n\n\nProfit/(loss) before tax\n\n\n(15.0)\n\n\n2.9\n...