28th Sep 2023 11:46
(Alliance News) - Gusbourne PLC on Thursday said it expects "strong" growth in 2023 despite posting an increased loss for the first half of the year amid higher administrative expenses.
The Ashford, England-based sparkling wine producer said in the six months to June 30, pretax loss widened slightly to GBP1.44 million from GBP1.37 million a year prior.
Revenue grew 11% to GBP3.6 million from GBP3.3 million. The company highlighted that UK wine sales in the first half of 2023 jumped 24% to GBP2.3 million from GBP1.9 million. However, administrative expenses increased 17% to GBP3.2 million from GBP2.8 million.
Looking ahead, the company expects to deliver strong growth for 2023. Interim Chief Executive Officer Mike Paul said: "Despite a challenging macroeconomic backdrop, we have continued to see significant consumer demand for Gusbourne wines with double digit sales growth, assisted by the luxury status of the Gusbourne brand."
Gusbourne shares traded 0.1% higher at 76.08 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
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