Naked Wines chief executive Rodrigo Maza has set his sights on renewed growth after the online wine retailer delivered full-year results showing a 14% drop in revenue, but stronger cash generation.

For the 52 weeks to 31 March 2025, sales fell to £250.2m, reflecting the ongoing attrition of ‘exceptionally large’ customer cohorts acquired during the pandemic and tough trading conditions. However, gross profit margins held broadly steady at 18.4%, while adjusted EBITDA excluding inventory liquidation costs landed at £6.7m, in line with guidance.

Maza said: “Over the course of FY25, we have taken big steps to stabilise the business, to rebuild the team and ground our strategy in real data and insights. We’ve announced a clear disciplined plan to reach in excess of £70m cash. We are already executing with more focus, more discipline and more conviction than ever. And while there’s still work to do, I genuinely believe we have built the platform to take Naked to the next stage of growth. FY26 will be an exciting year”.

Maza, who joined during the 2025 financial year alongside new CFO Dominic Neary, outlined a medium-term plan to exceed £70m in net cash by unlocking working capital and investing in its high-value ‘Angel’ customers in order to establish between 5% and 10% top-line growth.

“What excites me most is that we’re getting our edge back, reconnecting with the purpose and energy that made Naked special in the first place. We’re connecting passionate wine drinkers with independent Winemakers through quality, transparency, service and community,” Maza said.

In FY25, Naked Wines managed to cut its total inventory by £37m to £108m, with reductions across all regions as part of its drive to free up £40m in cash from surplus stock over the medium term.

FY26 guidance points to revenue between £200m and £216m and adjusted EBITDA of £5.5m to £7.5m, despite currency headwinds from a weaker US dollar. Under its refreshed capital allocation policy, the business will also resume shareholder payouts.

Interim chairman Deirdre Runnette added his voice to the commentary on FY25, reflecting on Naked Wines founder Rowan Gormley’s exit back in April.

Runnette said: “We have made substantial progress in FY25 and whilst we recognise that there is more work to be done to achieve consistent profitability and sustainable growth, this has been supported by an improved management team with continued support from our dedicated board.

“I want to express my deepest gratitude to Rowan Gormley, who stepped down this year after playing a pivotal role in stabilising the business and laying the foundation for our current trajectory.”