Naked Wines saw profits double in its latest half year results, as it pushed ahead with its turnaround.
The wine retailer, which named Jack Pailing as its new chair in July, saw EBITDA grew from £1.7m last year to £3.6m for the 26 weeks ended 29 September.
Sales declined 20% to £89.5m over the period, although the brand noted that this was in line with its prior guidance and its strategy of recalibrating around its “highly profitable” core members.
The business halved its spend on acquiring new shoppers over the half, leading to a 64% sales drop from these customers.
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Naked Wines CEO Rodrigo Maza said: “I’m pleased to present first-half results that show tangible progress against the goals we set in March, and [adjusted] EBITDA profitability up 112% on prior year.
“We’re delivering in line with guidance, and I remain confident that our strategic plan will create meaningful value for shareholders.”
He added: “Combined with our strong performance on cash and improved profitability, this provides robust foundations as we build towards a return to disciplined revenue growth in the medium term.”
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