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Shares in Naked Wines PLC dived early Thursday after it reported a swing to annual profit, but its cash balance halved and it expects little sales progress in the year ahead.
Naked Wines shares were 31% lower at 199.30 pence each in London.
In its financial year that ended March 28, the Norwich-based online wine retailer posted a pretax profit of £2.9 million, versus a loss of £10.7 million in financial 2021.
Revenue increased by 3.0% to £350.3 million from £340.2 million.
Costs were similar to the year before. Advertising costs fell to £34.1 million from £42.3 million, but fulfilment costs increased to £62.6 million from £58.3 million.
However, Naked Wine's cash balance dropped to £40 million from £85 million a year ago.
For its current financial year 2023, Naked Wines expects group sales in the range of £345 million to £375 million, down 4% in the worst and up 4% in the best scenario on financial year 2022.
‘We expect year-on-year sales growth to accelerate throughout the year,’ it added. Despite this, Naked Wines expects its adjusted earnings before interest, tax, depreciation and amortisation to be break even, down from a profit of £2 million in financial year 2022.
The retailer declared no annual dividend, unchanged from a year ago.
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