Update on debt refinancing process and trading

Following recent press coverage regarding the appointment of debt advisers to explore refinancing options, the Company confirms that the appointment was previously disclosed within the Company's HY24 results on 15 December 2023, where Naked confirmed it was working with an adviser to explore options for replacing or renewing its existing credit facility.

The existing credit facility expires in April 2025 and as such the Company is running a typical replacement review well in advance of that date. The Company is targeting a facility of similar scale with additional financial and operational flexibility, providing more capacity to pursue the actions being undertaken to return the company to profitable growth. Constructive discussions are being held with a number of parties to secure this.

Trading update

Following the improving trend in Q3 FY24 revenue reported on 18 January 2024, revenue in Q4 FY24 has continued to be in line with the Company's expectations. Since its January trading update and following the announced early redemption of the Majestic Vendor Loan Note, the Company's net cash position has improved to c.£17m (Q3 FY24: £3m) and therefore is anticipated to be at the top end of previous guidance (£0-15m) for FY24.

The Company intends to provide a further pre-close trading update in respect of FY24, including an update on the refinancing process, prior to announcing FY24 results in July 2024.