Half Year 2024 Naked Wines PLC Earnings Call Transcript
Good morning, everyone, and welcome to our half-year presentation. What we're going to be covering today is first of all, I'll take you through a strategic review of the business. James will then talk you through last year's numbers, and I'll finish off by a look forward into the future.
And the key message you wanted to deliver today is we are doing what we said we were going to do. So we said we would get Naked back on track to profitable growth by doing three things. Number one, strengthening the balance sheet; number two, making the profit sustainable; and number three, getting us back to profitable growth.
In doing the first of those, strengthening the balance sheet, we are focused on rightsizing inventory and commitments to winemakers, which enable us to release GBP40 million to GBP50 million of cash out of inventory, and to renegotiate our lending facilities to make them more flexible. To make profits sustainable, we've taken some money out of costs already, and we are far advanced with further plans to take in
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