Yahoo Finance Chapel Down: Record harvest helps UK’s biggest winemaker fizz to the top
Britain’s biggest winemaker Chapel Down has reported record company sales for the year ended 31 December following a strong harvest.
The listed producer of sparking and still wine said revenue rose 15 per cent year-on-year to £17.9m.
Its sparkling wines continued to grow strongly, with revenue increasing 25 per cent to £12m and volumes up 13 per cent to 887k bottles.
Andrew Carter, chief executive officer of Chapel Down, described 2023 as a “landmark year” for English Wine and the business.
“It is great to see the strategic and operational progress that we have delivered, and the continuing sales momentum that we have,” he said.
The business said it was helped by favourable growing conditions, Chapel Down delivered a record 3,811 tonnes of grapes, 86 per cent higher than 2022 and 75 per cent higher than its previous 2018 record.
The harvest will create over 3m bottles of wine.
The company owns, leases and sources from 1,023 acres of vineyards in South East England, of which 750 acres are fully productive.
Speaking to City A.M., Carter said demand for wine has prevailed despite the cost of living crisis as people treat themselves to small luxuries.
“While there are tough times..we’re starting to see signs of increasing consumer confidence.”
“We believe at a price point of £30 that we’re far more accessible to the majority of consumers.”
Chapel Down moved from the AQSE market to the AIM market last year and has, over the past two decades, grown from a startup into one of the UK’s biggest success stories. The company has laid out plans to double the size of its business by 2026.
However, the company’s success and praise of the AIM market have gone against the tide as other companies have moved off the exchange.
Carter added: “Chapel Down continues to grow profitably – a core strength which, along with our strong balance sheet, makes us resilient and underpins our ambitious future growth plans.
“Chapel Down is the market leader in an industry which is enjoying rapid and sustained growth. We have the leading brand, the deepest distribution which we continue to expand at pace, and we continue to win international acclaim for the quality of our wines. “
He added: “Our continued outstanding performance, and the fantastic, record-breaking 2023 harvest, means our passionate and highly skilled team carries significant momentum into the new financial year.”
