Naked Wines has posted disappointing half-year results as it continues with its turnaround plan.
Over the six months to 2 October, the online wine retailer saw its total revenue fall by 20% to £132.3m, while pre-tax loss grew from £0.2m to £9.7m.
Naked Wines experienced revenue drops in all markets, driven by a 16% reduction in repeat customer sales.
However, the group noted that it saw higher revenue per customer in all markets and lower rates of cancellation.
Rowan Gormley, Executive Chairman, said: “We are moving towards a period of sustained cash generation. We have taken out £3m of cost with £10m more to come and expect to generate £40-50m of cash from inventory over the next 18 months.
“In addition, we have made good progress with testing an enhanced customer proposition to restore us to growth. I want to thank our people, our winemakers and our customers for their support and reiterate our determination to make sure that they are rewarded for it.”
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