Business
Half Year Trading Update
Half Year Trading Update.
About this update from Chapel Down Group Plc
[{"type":"text","content":"\n\n \nChapel Down Group Plc\n('CDG' or 'the Company')\nEPIC: CDGP\n \nHalf Year Trading Update\n \nChapel Down, England's leading and largest winemaker, is pleased to report the delivery of a highly successful 2023 H1 performance for the period ended 30th June 2023.\n \nFinancial highlights:\n· Continued strong sales growth momentum with H1 net sales revenue (\"NSR\") growth of 21% to £8.37m (2022 H1: £6.94m).\n· Total wine volumes increased 6% to 732k with traditional method sparkling volumes up +32% to 428k, reflecting the continued successful delivery of our premiumisation strategy.\n· Volume growth has been amplified by Average Sales Price (ASP) growth of 16%, driven partly by a stronger mix of traditional method sparkling and partly by realised unit price increases across our categories.\n· Strong NSR growth across all trade channels:\no Off-Trade sales up 25%, with Chapel Down market share increasing to 36% in H1 (31% for 2022) and the brand driving 80% of overall English Sparkling Wine category value growth (Nielsen YTD to 3rd July)\no On-Trade net sales grew by 20% through increased distribution in premium outlets, now totaling 1,997 outlets, up 40% since 31 December 2022.\no Highly successful launch into Duty Free airports including London Heathrow and Gatwick, contributing to the 90% growth in our Export business.\no Direct to Consumer sales growth of 4% supported by an eCommerce improvement +6% and strong sales at summer events\n· Net cash on 30th June was £1.1m (31 December 2022: £3.3m) after the completion of 118 acres of planting at Boarley. A further £12m of liquidity is available through our unused revolving credit facility with PNC.\n· The Group continues to trade strongly, and the Board remains confident of a continuing strong performance in H2.\n \nOperational highlights:\n· Growing conditions in 2023 have so far been positive and the vines are developing ahead of seasonal averages. No damage from frost was incurred, and the weather during the key period of flowering was favourable. Following on from our record FY22 harvest of 2,050 tonnes, another successful and high yielding Harvest is currently forecast, subject to continued positive growing c...