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(Sharecast News) - Naked Wines reported adjusted EBITDA excluding inventory liquidation costs of 7.6m for the year ended 30 March on Thursday, up 13% and slightly ahead of guidance, despite revenue falling 20% to 199.1m as the group deliberately reduced customer acquisition spending.
Its gross margin improved to 19.9% from 18.4%, while net cash increased to 33.4m from 30.1m after 6m of share buybacks.
The AIM-traded wine retailer forecast adjusted EBITDA of 7.6m to 9.0m for the current year on revenue of 158m to 175m, with net cash expected between 34m and 42m.
It said 25m of annualised savings had now been actioned or identified, exceeding its medium-term target, and reiterated plans for further shareholder distributions as profitability and cash generation improve.
At 0925 BST, shares in Naked Wines were up 3.53% at 74.54p.
Reporting by Josh White for Sharecast.com.
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