English winemaker Chapel Down considers listing on AIM
- Chapel Down granted planning approval for new winery near Canterbury
England’s largest winemaker, Chapel Down Group, is actively considering listing on the Alternative Investment Market.
Chapel Down is currently listed on the Aquis Stock Exchange but is considering the move as part of plans to double the size of its business by 2026.
In an update on its growth plans on Thursday, the group also confirmed that its proposed new purpose-built warehouse at Highland Court Farm, on the outskirts of Canterbury, has now received planning approval.
Ambitions: Chapel Down finance director Robert Smith, left, and chief executive Andrew Carter, right.
Looking for “growth opportunities”, Chapel Down said that, alongside plans for a new winery, it would continue to “explore future opportunities for vineyards and an expanded tourism offering in the short to medium term”.
Group net sales, excluding tax, in the six months to June 30 rose 21 per cent to £8.4m.
Off-trade sales rose 25 per cent to £4.8m, Chapel Down’s market share rose to 36 per cent in the period and the brand drove 80 per cent of overall store value growth. category of English sparkling wines.
Hospitality net sales grew 20 percent thanks to greater distribution in premium establishments. This now represents a total of 1,997 points of sale, an increase of 40 percent since December 31, 2022.
The group said it enjoyed a “very successful” launch in Duty Free, with listings secured at London Heathrow and London Gatwick, contributing to a 90 per cent growth in export revenue.
Direct-to-consumer sales grew 4 per cent to £2.1m, with online sales growing 6 per cent and “strong sales at summer events”.
Total wine volumes increased 6 percent to 721,000 bottles, and traditional method sparkling wine volumes increased 32 percent to 428,000.
New listing? England’s largest winemaker, Chapel Down Group, has said it is actively considering listing on the Alternative Investment Market.
Looking ahead, the group said: ‘Current operations are in line with management’s expectations and our outlook for the full year 2023 remains positive. We expect to deliver continued double-digit net sales revenue growth and sustained margins throughout the year.
‘The outlook for the 2023 harvest is very positive due to excellent growing conditions. We suffered no frost damage and the weather during the key flowering period was favourable.’
Andrew Carter, group chief executive, added: “Our objective remains to achieve significant growth in traditional sparkling wine sales, margins, profits and cash flow, so we are very pleased with the powerful momentum in the business. in the first half of the year. year.
“We continue to deliver on our growth plans by building our leadership position in the fast-growing traditional English method sparkling wine category to deliver long-term shareholder value.”