Chapel Down today said it was gearing up for its best-ever harvest as the English winemaker posted a jump in sales.
The firm said it had recently begun harvesting and expects its 2023 vintage to be “of an exceptional quality” with a “record-breaking volume and yield.”
CEO Andrew Carter told the Standard: “We’re excited about the amount of grapes we will be picking.
“We had a warm May and June, when the grapes are budding and flowering, while the September sunshine and rain has provided an ideal set of growing conditions.”
Sales after tax for the first six months of the year jumped 21% to £8.4 million at the country’s largest English winemaker, while pre-tax profits climbed 26% to £618,000.
The revenue surge was led by strong demand for sparkling wine, with sales up 45% on last year. Brits’ thirst for sparkling rosé had increased too, with turnover almost doubling over the period.
Carter said demand for white wine saw a slight softening following a hike in alcohol duty, which caused prices of a bottle rise by as much as £1 in the shops. But this had been more-than offset by more favourable treatment to sparkling wine, which saw duty costs fall by around 19p per bottle.
“From an industry point of view we have a big tax burden, but the recent change proved a beneficial one for us,” he said.
Carter said the business was on track to double in sales between 2021 and 2026.
Chapel down shares rose 2.8% to 45p. They are up 36% since the start of the year.
