Naked Wines full-year results seen in line

Naked Wines said on Wednesday that full-year results were set to be in line with its expectations, driven by repeat customer sales, strong retention and demand from existing members.

In an update for the year to 28 March, the company said group sales rose 5% year-on-year on a constant currency basis, and 3% on a reported basis. On a two-year basis, sales were up 77% at constant currency.

Sales retention was 80%, versus guidance of mid-70s, and repeat customer sales were up 13% on the year.

The company’s "Active Angel" base rose 9% to 964,000 and year-end cash was around £40m. Angels are customers who deposit funds into their Angel account each month to spend on the wines on the company’s website, placing an order in the 12-month period.

Chief financial officer Shawn Tabak said: "We delivered full year results in-line with our expectations highlighted by strong execution, expense control and positive EBIT.

"Overall I'm pleased that Naked delivered growth following our step change in scale in FY21, and we are well positioned to take advantage of our long-term growth opportunity in the USA."

At 0925 BST, the shares were up 15% at 379.80p.