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Chapel Down reports ‘strong’ full-year results
Gin and vodka producer Chapel Down has posted 25% revenue growth for wine and spirits in the year ending 31 December 2021.
Chapel Down’s full-year results topped £16.6 million (US$21.2m) in 2021. In 2020, Chapel Down’s wine and spirits revenue reached £13.29m (US$16.92m).
In 2021, the group’s wine and spirits operations saw growth in full-year adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) with a profit of £1.93m (US$2.46m). This was compared with a loss of £20,000 (US$25,483) in 2020.
Andrew Carter, chief executive officer, commented: “We delivered a strong performance with increased revenues, margin expansion, growth across all trading channels and a full-year adjusted EBITDA profit of £1.93m.
“Our wine and spirits business enjoyed record revenues and sold over 1.5m bottles – our largest number ever. This excellent performance results from our brand leadership position in an exciting and growing market, and the market continues to grow at a rapid pace.”
Chapel Down’s gross profit increased by 37% to £7.05m (US$8.98m), after a total of £5.15m (US$6.56m) was reaped in 2020.
Carter succeeded Chapel Down’s former CEO Frazer Thompson in September 2021.
“With an experienced, dynamic and ambitious team in place, we are well positioned for our future growth plans to double the size of our business over the next five years,” Carter added.
Chairman Martin Glenn noted the firm had “delivered excellent financial results” in terms of “strong sales growth, gross margin expansion and a positive swing of EBITDA profitability”.
Carter continued: “Following the successful fundraising in June 2021,which raised £6.88m [US$8.76m], and the securing of a new £15m [US$19.1m] asset-based lending facility, we plan to continue to invest to ensure we are able to grow our supply of the highest-quality fruit.”
He also added that there was “growing demand from retail customers” in 2021, and the group’s “e-commerce business continues to grow with a database of over 50,000 consumers”.
This year, the firm forecasts full-year 2022 revenue growth and higher gross profitability.