25th Apr 2022 11:27
Chapel Down Group PLC - Tenterden, Kent-based wine maker - Swings to pretax profit of GBP790,141 in 2021 from loss of GBP7.9 million in 2020. The results include exceptional costs of GBP390,000 in 2021 and GBP6.7 million in 2020 related to the disposal of beer and cider business Curious Drinks Ltd, which Chapel Down sold in April 2021. Following the sale, Chapel Down swings to a GBP6.4 million net cash position as of December 31 from net debt of GBP7.4 million a year before.
Total revenue climbs to GBP16.9 million from GBP15.6 million. Annual wine sales increase by 17%, with sparkling wine volumes up 39% year-on-year. For 2022, Chapel Down expects lower wine volumes due to a poorer harvest yield in 2021. However, it sees higher revenue growth and gross profit due to price increases and further growth of sparkling wine sales.
Current stock price: 42.50 pence
12-month change: down 33%
By Tom Budszus; [email protected]
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