Naked Wines has appointed a new chief financial officer after losses widened last year, despite the online wine retailer’s new CEO claiming to have made “significant strides” in its turnaround.
For the 52 weeks to 1 April, Naked Wines reported statutory loss before tax of £16.3m amid a slowdown in demand.
Meanwhile, adjusted earnings before interest and tax dropped 71% from £17.4m in 2023 to £5m, and total sales were down 18% year on year to £290m as the business grappled with sustained high inflation.
In a bid to “focus on retuning Naked Wines to sustainable profit growth,” it has appointed ex-Reckitt and Just Eat exec Dominic Neary as CFO.
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He joins from Mind Gym, where he helped return the business to profitability. Neary, who joins the business in November, also brings significant experience from senior finance roles at international high growth consumer, digital and FMCG companies.
He previously spent 10 years in various financial positions at Reckitt, was commercial finance director at Moneysupermarket.com, and regional finance director at Just Eat, where he helped to optimise the rapid delivery firm’s digital investments which led to substantial growth in the EU region.
Looking ahead, chief executive Rodrigo Maza said the new team “is fully focused on returning Naked to profitable growth”.
“Over the past few months, we have made significant strides by strengthening our financial foundations, embedding resilient management practices, and importantly, crystallising a robust customer proposition,” he said.
“This proposition not only drives our mission to enable independently-minded wine drinkers to enjoy great wine without the guesswork but ultimately ensures long-term engagement and a competitive advantage.”
