Pre-Close Trading Update
FY25 revenue of £250m in line with guidance; net cash £31m at top end of range.
vs expectations: in line
- Revenue circa £250m (prior £240m - £270m guidance)
- Net Cash (constant currency) £31m (prior £25m - £35m guidance)
- Underlying EBITDA excl. inventory liquidation within guidance range (prior £4m - £9m guidance)
- Inventory liquidation costs at top end of range (prior £2m - £7m guidance)
Select text to share a quote on X · sign in to keep highlights & notes in your WINE notes
Naked Wines is today pleased to provide a pre-close trading update in respect of the 12 months ended 31 March 2025 ('FY25'), ahead of reporting audited FY25 results in the summer*.
The Group's FY25 performance continued to track in line with management's expectations, and as such Naked Wines will report results in line with the previously communicated guidance (reiterated at the bottom of this announcement).
Revenue of circa £250m reflects consistent delivery of management's expectations across all markets.
Underlying EBITDA excluding inventory liquidation will be within the guidance range. As previously communicated, due to the actions to speed up releasing capital from inventory, inventory liquidation costs will be at the top end of the guidance range, but this benefits cash in FY25 and beyond.
Net Cash of £31m in constant currency (£30m actual FX) is towards the top-end of the guidance range; it also reflects in excess of £2m of early payments at the end of March 2025 resulting in lower costs in FY26.
As communicated within the New Strategic Plan announcement in March 2025, the Group is focused on finalising a near-term limited distribution policy in conjunction with its financial partners, and hopes to be in a position to provide an update shortly.
At the time of the FY25 results in the summer, the Group will provide guidance for FY26 as well as updates on areas of its New Strategic Plan.
*This update contains unaudited financial information subject to final audit review.
FY25 Guidance1 (reiterated):
| KPI | FY25 |
| Revenue | £240m - £270m |
| Underlying EBITDA excl. inventory liquidation 2 | £4m - £9m |
| Net Cash 3 | £25m - £35m |
| Inventory liquidation costs 4 | £2m - £7m |
- This guidance has been provided based on constant FX rates of 1 GBP = 1.27 USD and 1.85 AUD as previously communicated
- Underlying EBITDA excludes inventory liquidation costs and exceptional items.
- Inventory liquidation costs include bulk and cased goods, excess overhead absorption (low production vol.), and associated storage costs.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.