MARKET WATCH: Naked Wines cheers shares surge as it unveils plan to return to sales growth
By DAILY MAIL CITY & FINANCE REPORTER
Updated:
Shares in Naked Wines soared after it unveiled a strategic plan to return to sales growth and to boost earnings.
The share price has tumbled by more than 75 per cent over the past three years on the back of waning sales and further operating losses. But last year, the company said it was starting to see signs of improvement.
This came after a major restructuring process designed to reduce costs and stock levels. Yesterday, chief executive Rodrigo Maza said it is aiming to return to ‘sustainable’ underlying revenue growth as part of its fresh five-year plan.
Shares flew up 29.8 per cent, or 18.8p, to 81.8p.With Donald Trump’s tariffs, the war in Ukraine and the fallout from Rachel Reeves’s Spring Statement leaving investors
with much to ponder, the FTSE 100 slid 0.3 per cent, or 23.47 points, to 8666.12 and the FTSE 250 lost 0.6 per cent, or 124.5 points, to 19914.7.
North Sea-focused oil producer Enquest rose 14.7 per cent, or 1.96p, to 15.3p yesterday after it swung to an annual profit of £73million and paid its first-ever dividend of £11.5million.
Recovery plan: Naked Wines's share price has tumbled by more than 75% over the past three years on the back of waning sales and further operating losses
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