English wine maker Chapel Down is considering AIM listing
- Chapel Down gets planning approval for new winery near Canterbury
Chapel Down Group, England’s largest winemaker, 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 development plans on Thursday, the group also confirmed that a proposed new purpose-built winery at Highland Court Farm, outside Canterbury, has now received planning approval.
Ambitions: Chapel Down chief financial officer, Robert Smith, left, and chief executive, Andrew Carter, right
On looking for ‘growth opportunities’, Chapel Down said that as well as planning a new winery, it would continue to ‘explore future opportunities for the vineyards and the expanded tourism offering in the short to medium term’.
Group net sales, excluding fees, rose 21 per cent to £8.4 million in the six months to June 30.
Off-trade sales increased 25 per cent to £4.8 million, Chapel Down’s market share increased by 36 per cent over the period and the brand contributed 80 per cent of the overall English sparkling wine category value growth.
On-trade net sales increased by 20 per cent through increased distribution in premium outlets. There are now a total of 1,997 outlets, which is 40 percent more than on December 31, 2022.
The group said it enjoyed a ‘hugely successful’ launch in Duty Free, securing listings at London Heathrow and London Gatwick, which led to a 90 per cent increase in export revenues.
Direct to consumer sales rose 4 per cent to £2.1 million, with online sales up 6 per cent and ‘strong sales at summer events’.
Total wine volume increased 6 percent to 721,000 bottles, with traditional method sparkling wine volume up 32 percent to 428,000.
New listing? Chapel Down Group, England’s biggest winemaker, has said it is actively considering listing on the alternative investment market.
Looking ahead, the group said: ‘Current trading is in line with management’s expectations and our outlook for full year 2023 remains positive. We expect to deliver sustained double-digit net sales revenue growth and sustained margins for the full year.
‘The outlook for the 2023 crop is very positive due to excellent growing conditions. There was no frost damage and the weather was favorable during the main flowering period.’
Group chief executive Andrew Carter said: ‘Our focus is on driving significant growth in traditional method sparkling wine sales, margins, profits and cash flow, so we are extremely pleased with the powerful pace of trading in the first half. Year.
‘We are continuing to deliver on our growth plans by building on our leadership position in the fast-growing English Traditional Method sparkling wine category to deliver long-term shareholder value.’