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Naked Wines

WINE · AIM · Retail · mcap £42m · 63.0p

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Financials · LTM to 30 Mar 26

Source: results 23 Jul 26 ↗

Revenue: £199m
Operating profit: −£5.2m
Net income: −£6.6m
Free cash flow: £8.8m
Net cash: £33.4m
Market cap: £43.4m
EV / EBIT: –
FCF yield: +20.3%
Price / book: 0.7×

Latest half-year · H1 Sep 25 vs H1 Sep 24 results 09 Dec 25 ↗

Revenue: £89.5m
Operating profit: −£2.4m
Net income: −£3.1m
Cash from operations: £6.4m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures · multi-year

Income statement Balance sheet Cash flow

Latest annual Latest interim

Final Results, published 23 Jul 26 · read the announcement ↗

Consolidated income statement · For the 52 weeks ended 30 March 2026

	52 weeks ended 30 March 2026 £'000	52 weeks ended 31 March 2025 £'000
Revenue	199,087	250,216
Cost of sales excluding movement in US inventory provision	(130,866)	(162,414)
Net movement in US overstock inventory provision	3,833	1,737
Fulfilment costs	(32,461)	(43,410)
Gross profit	39,593	46,129
Advertising costs	(7,652)	(17,805)
General and administrative costs	(37,189)	(31,662)
Operating loss 1	(5,248)	(3,338)
Finance costs	(1,706)	(2,088)
Finance income	662	532
Loss before tax	(6,292)	(4,894)
Tax	(303)	(6)
Loss for the period	(6,595)	(4,900)
Loss per share
Basic and diluted	(9.2)p	(6.6)p
1. Operating loss analysed as
Note 52 weeks ended 30 March 2026 £'000 52 weeks ended 31 March 2025 £'000
Analysed as
Adjusted EBIT 2	775	(2,017)
Adjusted items
Right-sizing of US inventory	226	776
Impairment of non-current assets	(1,777)	-
Internally generated software write-off	(729)	-
Restructuring costs	(3,650)	-
Under-absorption of current period's winery overheads	-	(2,313)
Other adjusted items	(93)	216
Operating loss	(5,248)	(3,338)

Consolidated balance sheet · As at 30 March 2026

	30 March 2026 £'000	31 March 2025 £'000
Represented
Non-current assets
Goodwill and other intangible assets	5,859	6,438
Property, plant and equipment	1,486	2,012
Right-of-use assets	3,820	5,802
Deferred tax assets	4,104	4,030
	15,269	18,282
Current assets
Inventory staged payments to winemakers	7,455	10,346
Inventories	89,749	97,241
Trade and other receivables	8,264	8,493
Financial instruments at fair value	15	70
Cash and cash equivalents	33,395	30,055
	138,878	146,205
Current liabilities
Trade and other payables	(25,336)	(21,777)
Current tax liabilities	(371)	(34)
Angel funds - financial liability 1	(52,865)	(56,341)
Deferred Angel fund income and other deferred income 1	(9,393)	(6,531)
Lease liabilities	(1,191)	(1,595)
Provisions	(1,688)	(1,575)
Customer-funded bonds	(35)	(35)
Financial instruments at fair value	(81)	(152)
	(90,960)	(88,040)
Net current assets	47,918	58,165
Total assets less current liabilities	63,187	76,447
Non-current liabilities
Provisions	(244)	(99)
Lease liabilities	(3,318)	(4,817)
	(3,562)	(4,916)
Net assets	59,625	71,531
Equity
Share capital	5,378	5,550
Share premium	21,162	21,162
EBT reserve	(10)	(10)
Treasury shares	(3,003)	-
Capital redemption reserve	535	363
Currency translation reserve	3,935	4,883
Retained earnings	31,628	39,583
Total equity	59,625	71,531

Consolidated cash flow statement · For the 52 weeks ended 30 March 2026

	52 weeks ended 30 March 2026 £'000	52 weeks ended 31 March 2025 £'000
Operating activities
Net cash flows from operations	12,275	19,540
Overseas income tax received	990	-
Overseas income tax paid	(717)	(2,337)
Net cash from operating activities	12,548	17,203
Investing activities
Interest received	662	528
Purchase of property, plant and equipment	(527)	(595)
Capitalisation of internally developed software	(1,270)	(579)
Proceeds on disposal of property, plant and equipment	62	33
Net cash (used in) investing activities	(1,073)	(613)
Financing activities
Interest paid	(895)	(1,288)
Interest paid on lease liabilities	(370)	-
Share buybacks	(2,008)	-
Acquisition of Treasury shares	(3,003)	-
Repayments of principal under lease liabilities	(1,557)	(1,757)
Debt issuance costs paid	-	(2,268)
Drawdown of borrowings	-	17,096
Repayment of borrowings	-	(29,447)
Net cash (used in) financing activities	(7,833)	(17,664)
Net increase/(decrease) in cash	3,642	(1,074)
Cash and cash equivalents at the beginning of the period	30,055	31,851
Effect of foreign exchange rate changes	(302)	(722)
Cash and cash equivalents at the end of the period	33,395	30,055

Half-year Results, published 09 Dec 25 · read the announcement ↗

Condensed consolidated income statement · For the 26 weeks ended 29 September 2025

	26 weeks ended 29 September 2025 £'000	26 weeks ended 30 September 2024 £'000
Revenue	89,542	112,301
Cost of sales	(57,458)	(72,173)
Fulfilment costs	(15,569)	(21,402)
Gross profit pre movement in US inventory provision	16,515	18,726
Movement in US inventory provision	972	282
Gross profit	17,487	19,008
Advertising costs	(3,408)	(8,148)
General and administrative costs	(16,516)	(15,827)
Operating loss¹	(2,437)	(4,967)
Finance costs	(919)	(802)
Finance income	340	151
Loss before tax	(3,016)	(5,618)
Tax	(126)	(907)
Loss for the period	(3,142)	(6,525)
Loss per share
Basic and diluted	(4.3)p	(8.8)p
1. Operating loss analysed as
26 weeks ended 29 September 2025 26 weeks ended 30 September 2024
Note £'000 £'000
Analysed as
Adjusted EBIT 2	18	(3,061)
Adjusted items
Right-sizing of US inventory	257	-
Under-absorption of current period's winery overheads	-	(1,798)
Extended Producer Responsibility (EPR) for packaging	(798)	-
Restructuring costs	(1,856)
Other adjusted items	(58)	(108)
Operating loss	(2,437)	(4,967)

Condensed consolidated balance sheet As at 29 September 2025 | 29 September 2025 | 31 March 2025

	£'000	£'000
Non-current assets
Goodwill and intangible assets	7,636	6,438
Property, plant and equipment	1,669	2,012
Right-of-use assets	4,657	5,802
Deferred tax assets	3,877	4,030
	17,839	18,282
Current assets
Inventory staged payments to winemakers	8,842	10,346
Inventories	104,215	97,241
Trade and other receivables	10,115	8,493
Financial instruments at fair value	77	70
Cash and cash equivalents	31,133	30,055
	154,382	146,205
Current liabilities
Trade and other payables	(29,897)	(21,777)
Current tax liabilities	(55)	(34)
Angel funds and other deferred income	(70,316)	(62,872)
Lease liabilities	(1,318)	(1,595)
Provisions	(1,516)	(1,575)
Customer-funded bonds	(35)	(35)
Financial instruments at fair value	(98)	(152)
	(103,235)	(88,040)
Net current assets	51,147	58,165
Total assets less current liabilities	68,986	76,447
Non-current liabilities
Provisions	(204)	(99)
Lease liabilities	(4,080)	(4,817)
	(4,284)	(4,916)
Net assets	64,702	71,531
Equity
Share capital	5,378	5,550
Share premium	21,162	21,162
EBT reserve	(10)	(10)
Capital redemption reserve	535	363
Currency translation reserve	3,033	4,883
Retained earnings	34,604	39,583
Total equity	64,702	71,531

Condensed consolidated cash flow statement · As at 29 September 2025

	26 weeks ended 29 September 2025 £'000	26 weeks ended 30 September 2024 £'000
Operating activities
Net cash flows from operations	6,179	7,817
Overseas income tax received	805	-
Overseas income tax paid	(602)	(2,157)
Net cash from operating activities	6,382	5,660
Investing activities
Interest received	340	-
Purchase of property, plant and equipment	(213)	(358)
Capitalisation of internally developed software	(1,270)	-
Proceeds on disposal of property, plant and equipment	34	12
Net cash used in investing activities	(1,109)	(346)
Financing activities
Interest paid	(498)	(376)
Interest received	-	151
Share buyback	(2,000)	-
Repayments of principal under lease liabilities	(1,011)	(791)
Debt issuance costs paid	-	(1,801)
Repayment of borrowings	-	(12,303)
Drawdown of borrowings	-	8,301
Net cash (used in) financing activities	(3,509)	(6,819)
Net increase/(decrease) in cash	1,764	(1,505)
Cash and cash equivalents at the beginning of the period	30,055	31,851
Effect of foreign exchange rate changes	(686)	(1,082)
Cash and cash equivalents at the end of the period	31,133	29,264

As published in the company's results announcement: every line, heading and subtotal, read automatically from the text. Figures in brackets are negative; units as stated in the column headings.

Income statement Cash flow Balance sheet

Annual Half-yearly

Latest report: FY Mar 26 (twelve months to 30 Mar 26), published 23 Jul 26 · read the results ↗

£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	199.1	250.2
Gross profit	39.6	46.1
Adjusted operating profit	0.8	(2.0)
Operating profit	(5.2)	(3.3)
Operating profit to net income
Finance costs	(1.7)	(2.1)
Profit before tax	(6.3)	(4.9)
Tax	(0.3)	(0.0)
Net income (owners)	(6.6)	(4.9)
Per share
EPS basic	(9.2p)	(6.6p)
EPS diluted	(9.2p)	(6.6p)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	109.5	89.5	137.9	112.3
Gross profit	22.1	17.5	27.1	19.0
Adjusted EBITDA	–	3.6	–	1.7
Operating profit	(2.8)	(2.4)	1.6	(5.0)
Operating profit to net income
Finance costs	(0.8)	(0.9)	(1.3)	(0.8)
Profit before tax	(3.3)	(3.0)	0.7	(5.6)
Tax	(0.2)	(0.1)	0.9	(0.9)
Net income (owners)	(3.5)	(3.1)	1.6	(6.5)
Per share
EPS basic	(4.9p)	(4.3p)	2.2p	(8.8p)
EPS diluted	(4.9p)	(4.3p)	2.2p	(8.8p)

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	12.5	17.2
Interest paid	(0.9)	(1.3)
Tax paid	(0.7)	(2.3)
Investing activities
Capex (PP&E)	(0.5)	(0.6)
Capex (intangibles)	(1.3)	(0.6)
Financing activities
Lease principal paid	(1.6)	(1.8)
Lease interest paid	(0.4)	–
Share buybacks	(2.0)	–

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	6.2	6.4	11.5	5.7
Interest paid	(0.4)	(0.5)	(0.9)	(0.4)
Tax paid	(0.1)	(0.6)	(0.2)	(2.2)
Investing activities
Capex (PP&E)	(0.3)	(0.2)	(0.2)	(0.4)
Capex (intangibles)	0.0	(1.3)	–	–
Financing activities
Lease principal paid	(0.5)	(1.0)	(1.0)	(0.8)
Share buybacks	(0.0)	(2.0)	–	–

	FY Mar 26	FY Mar 25
Non-current assets
Goodwill	–	6.4
Property, plant & equipment	1.5	2.0
Current assets
Inventories	89.7	97.2
Trade receivables	8.3	8.5
Cash	33.4	30.1
Current assets	138.9	146.2
Current liabilities
Trade payables	25.3	21.8
Lease liabilities, current	1.2	1.6
Current liabilities	91.0	88.0
Non-current liabilities
Lease liabilities, non-current	3.3	4.8
Equity
Total equity	59.6	71.5
Net cash and other figures
Net cash / (debt) ex leases	33.4	30.1

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Non-current assets
Goodwill	–	7.6	6.4	–
Property, plant & equipment	1.5	1.7	2.0	–
Current assets
Inventories	89.7	104.2	97.2	–
Trade receivables	8.3	10.1	8.5	–
Cash	33.4	31.1	30.1	–
Current assets	138.9	154.4	146.2	–
Current liabilities
Trade payables	25.3	29.9	21.8	–
Lease liabilities, current	1.2	1.3	1.6	–
Current liabilities	91.0	103.2	88.0	–
Non-current liabilities
Lease liabilities, non-current	3.3	4.1	4.8	–
Equity
Total equity	59.6	64.7	71.5	–
Net cash and other figures
Net cash / (debt) ex leases	33.4	31.1	30.1	22.9

Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.

Company filings. Not investment advice.