Chapel Down, an English wine maker based near Tenterden, Kent, has reported its H1 revenues met management expectations as it is on course to double in size over the next five years.
Chapel Down said the outlook for the rest of 2022 remains “positive” and expects margins to improve “resulting from the price increases and management of inflationary costs pressures”.
The first half of 2022 saw strong growth momentum in the sale of Chapel Down sparkling wines range, linked to the Platinum Jubilee and its key brand sponsorships of the England and Wales Cricket Board, The Boat Race and Ascot, where it replaced Moet Hennessy’s Veuve Clicquot as official sparkling wine in April.
Chapel Down has 750 acres of vineyards, and has had “favourable conditions” this year which point to a “promising 2022 harvest”.
Its net cash at 30 June was £3.755m compared with H1 2021 net debt of £0.854m. The Board has reported that it believes the market value of the assets is higher than the UK GAAP reported value.