Business
Group Transformation Plan
Group Transformation Plan.
About this update from Naked Wines Plc
[{"type":"text","content":"\n \nRNS Number : 8057T Majestic Wine PLC 25 March 2019 \n\nFor Immediate Release 25 March 2019\n \nMajestic Wine PLC\n \n(the \"Group\")\n \n \nGroup Transformation Plan\nFocusing on growth from Naked Wines\n \nMajestic Wine PLC today announces plans to focus the business on the significant growth opportunities in Naked Wines (\"Naked\") while releasing capital from its Majestic Retail and Commercial (\"Majestic\") operations. \n \nHighlights\n \n● Group trading broadly in line with consensus:\n○ We expect to achieve our £500m sales target in the financial year ending 1 April 2019 (\"FY19\") with Group adjusted profit before tax (\"PBT\") for the year expected to be around the current consensus level1. \n○ Naked continues to perform well with growth in repeat customer contribution expected to increase by 10-15% vs FY18.\n● We intend to present a new Group Transformation Plan in June 2019 focused on accelerating growth in Naked, to be funded by releasing capital from Majestic.\n● As a consequence of this plan:\n○ We intend to accelerate new customer investment in Naked by an additional c. £6m per annum to £26m in FY20, up from the current level of c.£20m per annum. \n○ We expect to recognise largely non-cash restructuring charges of up to £10m in FY19.\n○ There may be further res...