Naked Wines plc - FY23 guidance arrives

Davy Research
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With the tough comparison of its lockdown-boosted FY21 now over, having delivered just +3% year-on-year (yoy) revenue growth in FY22, Naked Wines (WINE) has provided its FY23 guidance. Revenue is to remain broadly flat at £345-375m (-4% to +4% yoy on a constant currency (ccy) basis) compared to the £389.0m (+11.2% yoy) expected by FactSet consensus. As profitability comes to the fore in capital markets, WINE guides to be adjusted EBITDA breakeven compared to the £3.0m (0.8% margin) expected by consensus.