Chapel Down, the UK’s biggest winemaker, has cheered an “excellent” 2022 harvest enabling it to produce 2 million bottles and satisfy growing customer thirst for its fizz.
The Kent-headquartered company benefited from plenty of sunshine, with earlier Summer weather than usual last year, as well as no Covid rules for most of the period.
That added to growing momentum for the Aquis-listed firm which sold a record 790,000 bottles of sparkling wine in 2022, up from 522,000. Net sales revenue (NSR), which excludes duty, rose to £15.6 million from £14.3 million.
Plans this year include a limited collection from the 2016 vintage featuring the Coronation emblem ahead of the ceremony to celebrate King Charles III in May. In addition Lord Michael Spencer, the City veteran and a Chapel Down shareholder, will join the board as a non-executive director.
Cost inflation remains a challenge for the industry with respect to glass, energy and labour costs, but operating profit still rose 51% to £1.7 million.
Chief executive Andrew Carter said the drinks company is on track to meet its ambition to double revenue in 2021-2026 to an NSR of around £28 million.
He added: “The operational progress that we are making gives us confidence that we can build on 2022’s successes. We will have 750 acres fully productive for the 2023 harvest, we are completing the planting of a further 156 acres in spring 2023 and the investment made in 2022 to expand our Tenterden winery means we have the capacity to convert 2022’s bumper harvest into over 2 million bottles of wine.”
