29th Mar 2023 14:55
Chapel Down Group PLC - Tenterden, Kent-based wine maker - Pretax profit rises to GBP1.6 million in 2022 from GBP790,141 in 2021, as net sales revenue, which excludes duty, increases by 10% to GBP15.6 million from GBP14.3 million. The revenue increase is led by sparkling wine, with net sales revenue up 53% to GBP9.6 million from GBP6.2 million on 790,000 bottles sold, compared to 522,000 in 2021. Company also benefits from improved gross profit margin of 55%, compared to 49% in 2021. Chapel Down notes that 2022 was its first complete year as pure wine business, having sold brewer Curious Drinks Ltd in 2021.
Says trading in 2023 so far is in line with management expectations, and the outlook for 2023 is positive, with a double-digit percentage growth in net sales revenue expected. Plans to plant new vineyard in the spring of 2024, taking total planted vineyards to 1,023 acres. This will further Chapel Down's position as England's largest winemaker, it says.
Current stock price: 35.55 pence
12-month change: down 16%
By Tom Waite, Alliance News editor
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