Naked Wines PLC Board changes and update on Christmas trading (1998Z)
09 January 2020 - 6:00PM
UK Regulatory
TIDMWINE
RNS Number : 1998Z
Naked Wines PLC
09 January 2020
Naked Wines plc
("Naked" or the "Group")
Board changes and update on Christmas trading
Naked sales growth of 11%
As previously announced, with the sale of the Majestic
businesses completed and Christmas trading behind us, Rowan
Gormley, CEO, is retiring from the Group Board as of today. Nick
Devlin will take over the Group Chief Executive role with immediate
effect.
In line with the Board transition period announced at the full
year results in June 2019, Greg Hodder has formally stepped down
from the Board with effect from today having handed the Chairman
role to John Walden at the conclusion of the AGM in August
2019.
Naked's Christmas trading performance for the 10-week period
ending 31 December 2019 was within the range of expectations, with
underlying revenue(1) for the continuing business(2) up by 11% on
the same period last year. Total Gross margin(3) was 1 p.p. higher
year on year as a result of a higher proportion of repeat customer
sales. Investment in new customers(4) for the year is expected to
be at the lower end of the GBP20-25m range indicated with the
interim results, reflecting disciplined investment to maintain
payback at our target of 4x. The lower investment will flow through
to higher profit in the year.
Nick Devlin, Group Chief Executive, commented:
"The team have worked hard over the Christmas period and
delivered a good performance. With the important Christmas season
behind us, we are now acutely focused on executing our plans and
achieving our huge growth potential.
Rowan leaves the business in great shape. We have the internal
capability, clarity of purpose and financial resources to push
ahead with our growth plans and deliver value for customers and
shareholders alike."
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Notes:
(1) Underlying revenue is calculated using constant FX rates for
translation of the comparative period
(2) Trading businesses of Naked Wines UK, Naked Wines US and
Naked Wines Australia and excluding the disposed of businesses of
Majestic Wine Warehouse, Les Celliers de Calais and Lay &
Wheeler.
(3) Gross profit attributable to sales after the deduction of
the cost of those goods sold, as a percent of sales.
(4) Also referred to as new customer contribution. The
contribution earned from sales to new customers
For further information, please contact:
Naked Wines plc
Nick Devlin, Chief Executive Officer ir@nakedwines.com
James Crawford, Chief Financial Officer
Investec (NOMAD & Broker)
David Flin / Carlton Nelson / Tejas Padalkar Tel: 0207 597
5970
Instinctif Partners (PR Agency)
Damian Reece / Guy Scarborough Tel: 0207 457
2020
or 07931 598 593
About Naked Wines plc
We set up Naked Wines because we believe that the wine industry
could be so much better. The two important people - the wine
drinker and the winemaker - could be getting a better deal.
The model we came up with turned out to be ahead of its
time...crowdfunding. Our customers support independent winemakers,
and in exchange get exclusive access to delicious wines, at
preferential prices.
The whole premise of Naked Wines is that you are joining a
community and benefiting from the recommendations and experiences
of fellow consumers. Our belief is that great wine should be an
everyday pleasure, not a privilege. We give talented winemakers the
freedom and time to make wines that inspire, supported by a
community of passionate wine drinkers, which results in a virtuous
circle where everyone is better off; customers get a full
experience, not just a product, and the best wines you've ever
tasted!
Naked Wines has a fast growing and loyal subscriber base of
Angels across its three markets and works with over 200 independent
winemakers, producing 1,000+ wines in 17 countries.
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END
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