Naked Wines PLC (AIM:WINE, OTCQX:NWINF) chairman said it had made real progress in training the around and was now focused on profitable growth.
The online wine retailer has been retrenching after demand in the US slumped after a pandemic boom, but chairman Rowan Gormley said the cost and liquidity issues it faced had now been addressed.
Rodrigo Maza, chief executive, added: “Over the past few months, we have made significant strides by strengthening our financial foundations, embedding resilient management practices, and importantly, crystallising a robust customer proposition. “
Revenues in the year to 1 April 2024 reflected the US challenges, dropping 18% year-on-year to £290 million and by 13% on a comparable basis.
Losses for the year were £16.3 million (£15 million) after impairments and stock write-downs of £12.2 million (£28.4 million).
Cash at the year-end was higher than expected at £20 million (£10 million).
In the current year to April 2025, Naked Wines is forecasting sales of between £240 -£270 million, with underlying earnings between a loss of £2 million and a profit of £6 million.
Separately, the AIM-listed group said it had appointed Dominic Neary as its new chief financial officer.
Currently CFO at MindGym and previously at Reckitt Benckiser, Neary will take over from James Crawford on 11 November 2024.
Maza added: “[Neary’s} experience in consumer and digital businesses, coupled with his international and US experience, make him a valuable partner as we focus on returning Naked Wines to sustainable profitable growth."