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Naked Wines PLC on Thursday announced a leadership re-jig, and a restructuring programme as it said it's in discussions to re-appoint James Crawford, former chief financial officer, and current interim CFO, to the role permanently.
Chair Darryl Rawlings has left the company, with immediate effect. David Stead, who has been at the company since 2017, will replace him.
Shares in the Norwich-based online wine seller surged 29% to 121.90 pence each in London on Thursday afternoon.
Stead also works as senior independent director at Gloucester-based direct-to-consumer kitchenware retailer ProCook Group PLC, confirmed news of his new role at Naked Wines on Thursday.
Naked Wines says it was in active discussions with Interim CFO James Crawford, who was appointed in July, to assume the role on a permanent basis. Originally the firm planned for his interim role to expire in June 2023. Crawford was previously CFO of the company from April 2015 to November 2020.
Meanwhile, Naked Wines revised its guidance for financial year 2023 ending March 31 to between £340 million and £360 million from its higher guidance posted on June 9, which estimated between £345 million and £375 million.
"We recognise that in pursuit of rapid growth we have made mistakes," Chief Executive Nick Devlin said. The company now expects revenue to fall by between 4% and 9% in the current financial year, downgraded from previous expectations of between 4% growth and 4% decline.
The firm expects lower general & administrative costs for financial year 2023 than before, at between £42 million to £44 million from £45 million to £48 from its earlier estimate.
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