Chapel Down Group PLC - Tenterden, Kent-based wine maker - Swings to pretax profit of £790,141 in 2021 from loss of £7.9 million in 2020. The results include exceptional costs of £390,000 in 2021 and £6.7 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 £6.4 million net cash position as of December 31 from net debt of £7.4 million a year before.
Total revenue climbs to £16.9 million from £15.6 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%
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