Naked Wines plc
Naked Wines plc (formerly Majestic Wine plc; same registered company, no. 02281640) is a direct-to-consumer online wine retailer operating in the US, UK and Australia. Its model funds independent winemakers directly via recurring monthly contributions from subscriber customers it calls "Angels," who in return receive wine at preferential prices; the group also generates B2B revenue from stock optimisation/bulk wine sales. For FY26 (52 weeks to 30 March 2026) it had 486,000 members and funded 281 independent winemakers across its three markets.
FY2026 in sixty seconds
year to 30 Mar 2026 · approved 22 Jul 2026 · 158 pages · Companies House
Naked Wines plc sells wine online to subscribers in the UK, US and Australia, using their monthly payments to fund independent winemakers. In the year to 30 March 2026, revenue fell 20.4% to £199.1m, and the loss after tax widened to £6.6m from £4.9m.
Sales fell mainly because the company cut spending on finding new customers, while price rises and cost savings helped margins. Before one-off costs, it made an operating profit of £775k, against a £2.0m loss the year before. One-off charges pushed up the reported loss. The main ones were the cost of restructuring the management team and writing down software it is replacing with an outside system.
Cash at the year end rose to £33.4m, with borrowings of just £35k. No money was raised from shareholders and no dividend was paid. Instead, the company bought back some of its own shares. Management expects revenue to keep falling in the coming year because member numbers have not yet stabilised, but says profits and cash generation will strengthen. The auditor gave a clean opinion. The board rated some risks, such as weaker consumer spending, as higher than the year before.
Repeat customer (Angel) sales
Repeat Customer sales of £188.5m were the large majority of FY26 revenue of £199.1m (New Customer sales £6.2m, Other/B2B £4.1m)
page 103Pricing actions and reduced discounting
Gross profit margin improved 150bps to 19.9% (FY25: 18.4%) reflecting targeted price increases and improved fulfilment/inventory provision costs
page 29FY26 has been a period of strategic repositioning rather than financial outperformance... We are asking the executive team to navigate one of the most demanding periods in Naked Wines' history.
page 61No dividend paid, recommended or declared in FY26 or FY25. Stated capital allocation policy is to maintain a healthy balance sheet, invest in growth in a disciplined manner, and return to shareholders any funds in excess of that reasonably needed to fund growth and manage risk (in FY26 executed via share buybacks, not dividends)
page 7512 years on one page · FY2015–FY2026
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
29 figures restated in a later report
Every figure is read again from the following year’s report: 406 confirmed, 33 differ, 29 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
29 more figures were restated in FY2015 to FY2023, which a free account opens.