Chapel Down Group PLC on Monday reported a 10% rise in net sales revenue last year, crediting its increased focus on sparkling wine and ’premiumisation’ strategy.
The Tenterden, Kent-based wine maker said net sales revenue, which excludes duty, rose to £15.6 million in 2022 from £14.3 million in 2021. In the second half of last year alone, net sales revenue was up 14% to £8.8 million from £7.6 million a year before.
Sparkling wine sales increased by 53% and now account for 70% of all wine sales by value. A total of 790,000 bottles of sparking wine were sold in 2022, up 51% from 522,000 in 2021.
Chapel Down said its average selling price rose by 19%, due to a favourable product sales mix and price increases put in place early last year.
‘This performance, and the excellent harvest we enjoyed in 2022, means we carry momentum into 2023 and are on track to meet our target of doubling the size of our business by 2026,’ said Chief Executive Officer Andrew Carter.
Chapel Down shares traded at 39.5 pence on AQSE in London on Monday morning, up 3.9% from their previous close of 38p.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
