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(Sharecast News) - Naked Wines said in an update on Thursday that trading in the first half of its financial year was in line with expectations, with the online wine retailer reporting improved profitability, stronger cash generation and continued progress against the strategic targets set out earlier in the year.
In a post-close update ahead of its interim results on 9 December, the AIM-traded firm said unaudited figures for the 26 weeks ended 29 September showed "significant progress", including better adjusted EBITDA and margins and a stronger cash position.
Management said performance since the September annual general meeting had remained consistent with the full-year guidance issued in August.
Naked Wines also confirmed it had completed its first share buyback programme on 11 September, repurchasing £2m of shares.
The board said the move "has increased intrinsic value per share for all remaining shareholders."
The group reiterated its 2026 financial year guidance, including revenue of £200m to £216m, adjusted EBITDA of £5.5m to £7.5m excluding inventory liquidation costs, and year-end net cash of £35m to £39m.
It said it was continuing to target £12m of medium-term inventory liquidation and associated costs to accelerate cash generation, with further details due alongside the half-year results.
At 1426 GMT, shares in Naked Wines were up 0.27% at 73p.
Reporting by Josh White for Sharecast.com.
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