Chapel Down toasts to profit nearing £2m as English wine ‘thrives’
Wine producer Chapel Down has posted a profit of nearly £2m, in a dramatic comeback from a previous loss.
In results for the year to 31 December posted on Monday, the firm reported a group adjusted EBITDA of a £1.93m profit, versus a £0.02m loss in 2020.
The firm’s chairman described English wine as a “thriving” category, with Chapel Down’s wines and spirits gross profit leaping 37 per cent to £7.05m.
The results come after the Kent-based firm divested its beer and cider business, Curious Beer, in spring 2021, in order to focus entirely on its English wine operation.
Andrew Carter, who took on the role of CEO in September 2021, said he was proud of the firm’s progress as it “focused on being the number one winemaker in the UK.”
Its wine and spirits division sold more than 1.5m bottles, a record level of sales for the company.
The category was “an exciting and growing market,” Carter said. “This excellent performance results from our brand leadership position in an exciting and growing market. English Wine is thriving, and the market continues to grow at a rapid pace.”