Markets raise glass to Naked Wine results

Shares in AIM-listed beverage retailer Naked Wines (LON:WINE) rose by 9.38% to 402.50p (as of 15:45 BST) after revenues for the year ended 30th March climbed by 14%. The pre-tax loss narrowed by 46% and management said that there had been an encouraging start to the current year with sales up by 81% during the first two months. However, the group declined to provide financial guidance for the full year under current circumstances.

CEO Nick Devlin said: “I’m delighted to report a strong set of results to conclude a year of transition for Naked Wines. 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 would like to thank all our colleagues for their determination, flexibility, and commitment to our customers throughout the year, but especially over the past 3 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

“Whilst predictions are harder than ever this year, I am excited about our plans for growth and confident that the mission of Naked to connect everyday wine drinkers to the world’s best winemakers is more relevant than ever. 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“.