Chapel Down sales up 10% in 2022 amid focus on premium sparkling wine
(Alliance News) – Chapel Down Group PLC on Monday reported a 10% increase in net sales revenue last year, which it credited to its increased focus on sparkling wine and the -premiumisation strategy.
The Tenterden, Kent-based winemaker said net sales, excluding duty, rose to GBP15.6 million in 2022 from GBP14.3 million in 2021. In the second half of last year alone, net sales revenue was up 14% to GBP8.8 million from GBP7.6 million a year earlier.
Sparkling wine sales increased by 53% and now account for 70% of all wine sales by value. A total of 790,000 bottles of sparkling wine were sold in 2022, an increase of 51% from 522,000 in 2021.
Chapel Down said its average selling price increased by 19%, due to a favorable mix of product sales and price increases that came into effect early last year.
“This performance, and the excellent harvest we enjoyed in 2022, means we carry momentum into 2023 and are on track to reach our target of doubling the size of our business by 2026 ,” said CEO Andrew Carter.
Chapel Down shares traded at 39.5 pence on the AQSE in London on Monday morning, up 3.9% from their previous close of 38p.
By Tom Waite, editor of the Alliance News
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