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Naked Wines boosted by home delivery demand
StockMarketWire.com
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Wine specialist Naked Wines' first-half revenue grew by 80% as demand for home delivery spiked during the first peak of the pandemic.
In its half-year report for the 26 weeks to 29 September, the company reported revenue of £157.1 million, 80% higher than the first half of its previous financial year.
The company still registered a loss, however, as it invested in new warehouse capacity and registered a non-cash write-down.
Its cash position strengthened by £21.6 million in the half year to £76.3 million, compared to net debt of £21 million year earlier, with no COVID-19 related government support taken.
Naked Wines upgraded its outlook for the rest of the financial year as positive trading momentum was sustained into the start of the second half of the year.
'The many scale achievements are seen as enduring and based on our central case assumptions we are upgrading expected sales growth to 55-65% for the current year,' the company said.
At 9:30am: (LON:WINE) Naked Wines PLC share price was 0p at 455.5p
Story provided by StockMarketWire.com
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