Wine woes | Equity raise | Stonking Small Cap delight
News covered here includes another poor update from a popular online wine retailer. The survival of this business looks increasingly doubtful to us, at least as a listed company. Elsewhere, one of our Stonking Small Caps impressed with its full year results, while a well-supported equity raise lifted the shares of one of our Bonkers Bargain opportunities. Read on here for this and other news.
Naked Wines: it’s not looking good As we feared, it’s gone from bad to worse for online wine retailer Naked Wines (AIM:WINE). Trading in the US market is weaker than anticipated with full year guidance reduced again. Expectations are now for a decline in revenues of -12% to -16% and fairy tale adjusted EBIT of £2-6m. CEO Nick Devlin is also standing down with immediate effect, with the founder, and architect of the business, Rowan Gormely stepping in as Executive Chairman. The more significant concern is the cash position, with guidance for this of between £0 and £15m, compared to…