Naked Wines has said it intends to publish a trading update in the week of October 17, 2002, covering the period to September 26, the first half of its 2023 fiscal year.
The AIM-listed online wine seller said it is reviewing potential operational and financial plans for the next 18 months and will update on these plans alongside the trading update.
“The group's focus is on developing plans demonstrating increased profitability, cost restraint and improved payback,” the company said in a statement. “Alongside this process we are in active discussions to address our credit facility to reflect any revised plan.”
Naked Wines added that it remains in compliance with all obligations around this facility through the first quarter and expects to have headroom to the second quarter covenant tests.
Separately, Naked Wines said non-executive director Pratham Ravi has resigned from the board with immediate effect.
He was appointed on August 25, 2022, and is an analyst with US investment group Punch Card Capital, which with around a 10% holding is one of Naked Wines’ largest shareholders.