4th Jun 2018 12:28
LONDON (Alliance News) - Winemaker Gusbourne PLC on Monday reported a strong increase in revenue in what it described as "another" successful year of growth and development.
For 2017, Gusbourne's revenue rose 56% to GBP998,000, though its pretax loss widened marginally to GBP1.6 million from GBP1.5 million.
Gusbourne said it continued to widen its distribution channels during the year both in the UK and abroad, and exports now make up 25% of revenue, from 14% in 2016.
The company said its sales continue to reflect limited stock availability, but like-for-like sales of Gusbourne wines did increase year-on-year once again.
Gusbourne said the growing season in 2018 has begun slightly later than usual due to cold weather earlier in the year, but a warm spring has offset this.
On Thursday last week, the company secured a GBP1 million loan from Michael Ashcroft to meet its initial capital requirements, and it is also planning an equity raise in the coming months.
Chairman Andrew Weeber said: "2017 has been another successful year of growth as we work towards our long-term goals based on the production and sale of our premium sparkling wines. I am delighted with our export performance which represented 25% of our revenues in 2017."
Shares were 4.5% higher on Monday at a price of 70.55 pence each.
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