REG - Chapel Down Group - Results for the period ended 31 December 2025
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RNS Number : 2939C Chapel Down Group PLC 29 April 2026
This announcement contains inside information for the purposes of the
retained UK version of the EU Market Abuse Regulation (EU) 596/2014 ("UK
MAR").
29 April 2026
Chapel Down Group Plc
('Chapel Down', 'the Company' or 'the Group')
RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2025
Strong momentum with +19% growth in net sales revenue and +25% in adjusted
EBITDA
Chapel Down (EPIC: CDGP), England's leading and most celebrated winemaker, is
pleased to provide its audited financial results for the year ended 31
December 2025 (FY25).
£'000 2025 2024 Change %
Net sales revenue 19,443 16,351 +19%
Gross profit 9,162 7,918 +16%
Gross margin 47.1% 48.4% -1.3% pts
Adjusted EBITDA (excluding fair value adjustment to biological produce)(6) 3,725 2,985 +25%
Fair value adjustment to biological produce 597 (567)
Adjusted EBITDA (including fair value adjustment to biological produce) (6) 4,322 2,418 +79%
Profit/(loss) before tax 469 (1,400)
Stocks 30,579 26,558 +15%
Net debt, excluding lease liabilities (12,418) (9,159) -36%
Operating cash flow 5 (3,794)
Planted vineyards in acres 1,018 1,018
Productive vineyards in acres 777 739 +5%
Diluted profit/(loss) - pence per share 0.13 (0.76)
Net asset value - pence per share 19.3 19.0 +2%
Highlights
· Net sales revenue ("NSR") up +19% to £19.4m for the year (FY24:
£16.4m and 3 year CAGR of +9%), with wine-related sales growth of +22% and
growth across all channels:
o Off-Trade increased +38% to £9.4m (FY24: £6.8m), growing faster than the
wider English Sparkling Wine category
o On-Trade increased +5% to £2.6m (FY24: £2.5m)
o International increased +49% to £1.0m (FY24: £0.7m)
o Direct-to-Consumer revenue grew +1% to £6.4m (FY24: £6.3m) (+3%
excluding exited spirits), with Ecommerce accelerating +9% in H2
· Gross margin reduced to 47.1% (FY24: 48.4%) driven by a higher
proportion of sales through the Off-Trade channel and the higher cost of goods
as a result of selling wines from the inflation-impacted 2022 harvest. It is
expected this will unwind in FY26, leading to improved gross margins, as the
lower cost of goods 2023 harvest wines become available for sale.
· Adjusted EBITDA (excluding the non-cash fair value adjustment to
biological produce) rose +25% to £3.7m, driven by strong revenue growth and
operating leverage as fixed costs were absorbed over a larger revenue base.
This was partially offset by modest gross margin dilution from Off-Trade
channel mix and elevated 2022 harvest costs.
· Net debt of £12.4m (FY24: £9.2m), reflecting planned and continued
investment in future growth, including the cultivation of 118 acres of new
vines planted since 2023 and increasing maturing stock levels resulting from
the above-average yield 2025 harvest. Headroom on the £20m revolving credit
facility remains, with an accordion option to extend the facility to £30m.
· Targeted marketing expenditure delivered significant growth in key
brand metrics, with brand awareness of 49% at the year end (FY24: 42%),
underpinning Chapel Down's position as the lighthouse brand in English
wine(1).
· Works are underway at our brand home in Tenterden to add a new
tasting room overlooking our vines. This is expected to open ahead of summer
2026 and increase tour capacity and sales revenue during peak periods.
· Further progress made on the Company's premiumisation strategy, with
Traditional Method Sparkling ("TMS") wines now representing 74% of
wine-related NSR (FY24: 70%). New plantings at Boxley Abbey and Buckwell,
expected to be in full production from 2026 and 2027 respectively, provide
opportunities for further premiumisation.
· The 2025 harvest delivered an above-average yield of high quality,
resulting in a £0.6m net benefit (non-cash) to the P&L (FY24: loss of
£0.6m).
Outlook
· Chapel Down has made a strong start to FY26, trading well ahead of
the same period in the prior year across all key channels and delivering gross
margin improvement, in line with management expectations.
· The Board has taken the decision to increase discretionary investment
into marketing initiatives that will strengthen the brand, capture further
market share and reinforce gross margin. For FY26 the Board expects marketing
spend as a % of net sales revenue to be 13.5% - 14.5% (FY25: 11%). New
partnerships and initiatives are planned for FY26 to amplify brand visibility
and consumer engagement.
· Whilst we are not seeing any immediate impact on trading from the
Middle East war (our proportion of sales in that region is small, and UK
Easter activity generated sales in line with management expectations) we
remain alert to the impact that a rise in fuel and energy costs might have on
consumer confidence and disposable income levels, as well as on input costs
for our viticulture and winemaking operations.
· Looking ahead, we remain focused on delivering sustained double-digit
growth. The Board currently expects FY26 results to be in line with market
expectations*.
*Note: Immediately before publication of this announcement, the Board believes
that market expectations for the year ending 31 December 2026 to be net sales
revenue of £22.1m and Adjusted EBITDA (excluding fair value adjustment to
biological produce) of £3.7m and Adjusted EBITDA (including fair value
adjustment to biological produce) of £4.2m.
James Pennefather, CEO, commented:
"In 2025, Chapel Down delivered strong, profitable growth, comfortably in line
with upgraded expectations and reinforcing our confidence in achieving our
ambition of securing an equivalent 1% share of global Champagne by 2035. Our
unique combination of premium vineyard and brand assets, underpinned by our
high-performing and committed team, together provide a strong platform for
sustained value creation.
As a Company, notwithstanding world events, we believe people are continuing
to find reasons to come together and mark the 'big, little moments' in their
lives. Chapel Down is increasingly associated with these moments, broadening
the occasions on which consumers choose our wines beyond the more formal
celebration occasions traditionally associated with other high value sparkling
wines like Champagne. This positioning contributes to our resilience,
providing our business model with defensive characteristics through economic
cycles.
We continue to see significant opportunity for our brand both in the UK and
internationally. This is driven by the consistently high quality of our wines,
the effectiveness of our targeted marketing investment, and a generational
shift as Millennials increasingly embrace English Sparkling Wine. These
dynamics position Chapel Down well for continued double-digit growth in the
years ahead."
Chair review
2025 was a year of leadership transition, strategic realignment and focused
execution. Together with the Board and new management team, we have been
sharpening the delivery against our three strategic priorities - brand value
enhancement, sustainable channel expansion and disciplined capital management.
This has led to significant progress in the year.
The Group delivered double-digit topline growth alongside a return to full
profitability in the year. Net sales revenue grew strongly, supported by a
strong recovery in the UK Off-Trade due to more consistent stockholding,
increased distribution and excellent execution, especially over the Christmas
trading period. We also benefited from significant momentum in the US through
our new distribution partner, providing promise in the medium term as we
expand into new international markets. 2025 also saw a return to
profitability at profit before tax level and a significant year-on-year
increase in adjusted EBITDA(6) through top line growth and continued cost
control. We are also pleased with the exceptional quality harvest of 2025 and
look forward to sharing these wines with our consumers and shareholders in the
years to come.
Chapel Down's investment case is centred around three priorities:
Brand Value Enhancement - compounding brand equity and desirability through
premium positioning and proven investments that support awareness, conversion
and repeat purchase.
Sustainable Channel Expansion - scaling distribution and rate of sale across
the UK and international markets alongside investments in our
Direct-to-Consumer offering to create diversified and sustained growth.
Disciplined Capital Management - using our existing asset base to build
high-quality TMS maturing stocks to sustain demand growth, whilst maintaining
a prudent cost base and preserving liquidity headroom under our revolving
credit facility.
The ambition of these priorities is to translate operational progress into
sustained cash generation and shareholder value over the medium to longer
term. Significant progress has been made against all three in 2025.
The Board was pleased to welcome Simon Litherland as an Independent
Non-Executive Director during the year. Simon brings highly relevant consumer
and beverage experience, notably from his tenure as CEO of Britvic plc,
strengthening the Board's oversight of brand, route-to-market and capital
allocation priorities.
We welcomed a new executive team with the appointments of James Pennefather as
Chief Executive Officer and Louan Mouton as Chief Financial Officer. James
brings a wealth of strategic leadership experience in premium drinks and brand
building; supported by Louan's experience in scaling operations locally and
internationally and a focus on disciplined capital allocation - capabilities
that align closely with our strategic objectives.
This year also saw the adoption of the newly revised QCA Corporate Governance
Code. The key changes and our approach to adoption will be set out in the
Corporate Governance section of the Annual Report, including enhancements to
Board effectiveness, stakeholder engagement and disclosures around risk.
The Board would like to thank our colleagues across the Group for their
professionalism and dedication, and the support of our customers, consumers,
supply chain partners and advisors. During the year our colleagues refreshed
the purpose and cultural values of Chapel Down and it is pleasing to see these
values truly coming to life with the delivery of such good performance. We are
also grateful for the continued engagement and support of shareholders, which
enables investment behind proven growth drivers.
The Board is excited about the significant opportunity for Chapel Down in a
growing English Sparkling Wine category, both in the UK and internationally,
and continues to ensure focused execution against our strategic priorities
across the organisation. We look forward to updating you on our progress.
Strategic Update from the CEO
Chapel Down's strategic ambition is to achieve an equivalent 1% share of the
global Champagne market by 2035. We have the assets in place to be able to
achieve this: a vertically-integrated business model with expertise across
viticulture, winemaking, tourism, sales and marketing; a strong team culture;
over 1,000 acres of Kent's finest terroir planted; sufficient winemaking
capacity; a brand with market-leading levels of awareness and equity; and
scalable financial management ERP systems.
Significant progress was made against this ambition in 2025. For the first
time in a single financial year, Chapel Down dispatched more than 1m bottles
of TMS wine, representing an equivalent market share of Champagne at c. 0.4%
(FY24: 0.3%)(2). We are seeing the benefits of investment in the brand and in
expanding distribution, which is now attracting new consumers into the
category to enjoy our wines across a broader range of consumption occasions.
2025 was a strong year of delivery for Chapel Down. We achieved robust top
line growth and returned the Group to profitability, with net sales revenue up
+19% to £19.4m, Adjusted EBITDA(6) (excluding the fair value adjustment to
biological produce) up + 25% to £3.7m, and profit before tax of £0.5m. In
spite of a tough economic climate, English Sparkling Wine remains resilient
and in growth, with Chapel Down continuing to win share.
I would also like to recognise the commitment of our team members and partners
across our value chain. Our vineyard and winery teams maintained consistent
high standards and compliance, whilst delivering a truly exceptional harvest;
commercial and brand teams executed with discipline and focus; and our
growers, suppliers, logistics providers and distributors provided effective
support. This enabled us to deliver exceptional quality wines to our customers
and consumers.
Update on progress made towards our Strategic Priorities:
1) Brand Value Enhancement
We are building a globally-recognised and desirable sparkling wine brand with
a clear sense of place and strong association with key celebration occasions.
Our brand continues to achieve broader recognition among sparkling wine
consumers as a modern British luxury brand, reaching 49% awareness in 2025(1),
supported by increased investment in digital, PR and experiential activity.
During the year we generated c. 47m media impressions (+31%), grew to c. 141k
social followers (+11%), increased our consumer database to c. 120k (+19%),
and welcomed c. 54k visitors to our brand home - all of which increase
conversion and repeat purchase. We have also made tactical investments into
our brand home that will allow for increased footfall and attracting new
consumers in 2026 and beyond.
Our partnerships - including Royal Ascot, The Boat Race and England and Wales
Cricket Board - continue to reinforce Chapel Down's association with premium
British celebration.
Premiumisation within our portfolio remains a core strategic focus. TMS now
accounts for 74% of wine NSR in FY25 (FY24: 70%), with progress made on
increasing the mix of our Kit's Coty luxury single-vineyard range. Our new
high-quality plantings at Boxley Abbey (fully productive from 2026) and
Buckwell (from 2027) provide further opportunities for premiumisation over the
longer term and we look forward to sharing more on this development in due
course.
2) Sustainable Channel Expansion
We are developing and implementing repeatable growth drivers across channels,
both in the UK and in key international markets. As the No.1 English
winemaker(3), we provide thought leadership in the category to expand its
wider distribution footprint. Chapel Down's suite of proven growth driver
tools ensures that our wines deliver rate of sale where they are listed. Our
in-house Customer Service capability delivers operational effectiveness for
our customers.
During 2025, we made significant progress in understanding the role that
Chapel Down plays within our customers' portfolios, with clear evidence that
the brand is expanding occasionality for high-value sparkling wine and driving
trade-up within the sparkling wine category. In addition, there is a clear
generational shift as Millennials in particular are increasingly adopting the
brand. This in turn opens up more opportunities for Chapel Down to be
distributed in outlets where consumers are either enjoying or shopping for
more informal celebration occasions.
Execution of our growth drivers remains focused across channels. In the
Off-Trade, we extended our leadership, ending FY25 with a 36% market share,
and our sparkling wine consumer sales growth (+16%) outperformed the wider
English Sparkling Wine category (+12%)(3). The On‑Trade saw continued
expansion of listings and "by the glass" placements that support trial, rate
of sale and future range increase opportunities. Internationally, we now have
broad US availability via Jackson Family Wines (now 23 states) and a wider
Global Travel Retail footprint (c. 40 locations), with momentum gains in
Norway and the UAE through our distribution partners.
3) Disciplined Capital Management
During this next phase of our growth, Chapel Down is increasingly leveraging
its existing assets - vineyards, winery, maturing wines and engaged employees
- to deliver sustained profitable growth and the majority of investment in
vineyard assets has now taken place providing the agricultural and
infrastructure base to support the Company's objectives.
We are building on our significant investments made in prior years. During the
year we progressed the cultivation and establishment of our newer North Downs
estates, Boxley Abbey and Buckwell, which remain on track to be fully
productive from 2026 and 2027 respectively. This will support mix
premiumisation and underpin our growth into the 2030's.
Our maturing stocks increased, supported by the above average, high-quality
2025 harvest (approx. 2.6m bottles expected to be produced), which provides
reserves for future TMS releases.
We continue to manage our cost base sensibly, supported by prior investments
in scalable technology and winery assets; and we maintain liquidity headroom
through our £20m revolving credit facility with an accordion option to £30m,
giving flexibility to fund maturing stocks and targeted brand investment while
preserving financial discipline.
Outlook
Chapel Down has made a strong start to FY26, trading well ahead of the same
period in the prior year across all key channels. Increased investment in
proven marketing initiatives - including our high-profile sporting and
cultural partnerships and expanded digital activity - is already yielding
positive results, reinforcing our confidence in the brand's continued
momentum. We expect strong sales growth and continued gross margin improvement
for the financial year ahead, in line with expectations.
We do however remain mindful of the broader macroeconomic backdrop. Whilst we
are not seeing any immediate impact on trading from the conflict in the Middle
East - our proportion of sales in that region is small and UK Easter trading
has been in line with expectations - we continue to monitor the potential
effect of rising fuel costs on consumer confidence and disposable income. Any
sustained increase could have an impact on profitability, whilst associated
input cost pressures on our viticulture and winemaking operations would be
more likely to affect cashflow than profitability in the near term.
Notwithstanding these external uncertainties, the structural demand drivers
for English Sparkling Wine remain intact, and Chapel Down's brand strength and
distribution platform position us well to continue growing ahead of the
category. Our ambition is unchanged: to deliver sustained profitable growth
over the medium term, capturing an equivalent of 1% of global Champagne
volumes by 2035 (with a target of 0.7% by 2030), whilst further cementing our
position as the leader in English wine.
FINANCIAL REVIEW
· Net sales revenue increased by +19% to £19.4m (FY24: £16.4m). TMS
wine, our strategic focus, grew +28% to £13.6m (FY24: £10.6m) with over 1
million bottles dispatched.
Channel performance overview
£'000 2025 2024 Change %
Net Sales Revenue by Channel
Off-Trade 9,371 6,790 +38%
On-Trade 2,575 2,460 +5%
International 1,018 684 +49%
Ecommerce 3,860 3,755 +3%
Retail, Tours and Events 2,216 2,241 -1%
Other income 403 421 -4%
Total Net Sales Revenue 19,443 16,351 +19%
Of which is Direct-to-Consumer (DTC) 6,404 6,331 +1%
DTC % of Net Sales Revenue 33% 39% -6% pts
Off-Trade
· The Off-Trade channel delivered a year of strong growth +38% to
£9.4m (FY24: £6.8m) driven by growing consumer demand and the normalisation
of retailer stock levels following last year's one-off destocking.
· As a result of well-executed campaigns throughout the year, and
distribution gains, Chapel Down outpaced the broader English Sparkling Wine
category, with sparkling wine sales growing by +16% compared to the category's
+12% growth(3).
· Distribution momentum remained robust, with total listings increasing
+5% to 6,612, supported by new wins across major retailers. Notable additions
included the launch of Rosé in Tesco and the introduction of Grand Reserve in
Waitrose.
· These combined gains in distribution and rate of sale helped extend
Chapel Down's leadership in the Off‑Trade channel with a 36% market share +1
ppt vs FY24(3).
· Retailer stockholding levels normalised in FY25, with approximately
£1m of FY25 growth attributable to lapping the one‑off destocking
experienced in FY24.
On-Trade
· Revenue increased +5% to £2.6m (FY24: £2.5m). This uplift
understates the strong momentum building within the channel. Growth was
underpinned by an expanding outlet base and new account wins, with FY25
additions including The Pig, The Rosewood, The Stafford, and the Ambassador
Theatre Group.
· Performance is measured against a particularly strong FY24, which
benefited from significant pipeline fill into newly secured national accounts
- an activity not repeated in FY25.
· On‑Trade distribution grew +12% to 2,764 outlets despite a
challenging UK hospitality backdrop.
· Momentum was also evident in listings, which increased +29% to 5,998,
reflecting a broader range of expressions listed within outlets, and more
by‑the‑glass placements that support rate of sale and future expanded
listings potential.
· Premiumisation remains a key driver and sales of Luxury and Super
Premium sparkling wines grew +18%.
International
· The International channel delivered strong growth, with revenue up
+49% to £1.0m (FY24: £0.7m), driven by new strategic partnerships and the
continued expansion of Chapel Down's global footprint.
· Momentum in the US continues to accelerate following the successful
launch of our new distribution partnership with Jackson Family Wines in H1.
Chapel Down is now available in 23 states (FY24: 10), significantly extending
our reach in what is the world's largest Champagne export market and a major
long‑term growth opportunity.
· Across wider export markets, Chapel Down is now distributed in 16
countries.
· Global Travel Retail remains a key part of the International channel
and delivered +52% year‑on‑year growth4. Chapel Down is now listed in 40
key UK travel hubs (FY24: 35) alongside more than 50 onboard food and beverage
distribution points. FY25 wins include the listing of Bacchus on Virgin
Atlantic and a selection of wines on SeaDream Yacht Club.
Direct-to-Consumer (DTC)
· DTC sales increased +1% to £6.4m (FY24: £6.3m), or +3% excluding
the now‑exited spirits category, reflecting continued strength in our
direct-to-consumer relationships.
· Ecommerce growth accelerated in H2, rising +9% compared to last year
on the back of strong summer trading and a successful Black Friday campaign.
Both customer retention and new customer acquisition remained robust, with
active customers rising +4% to 24,076.
· Our Brand Home in Tenterden continues to be a significant driver of
engagement and advocacy. The site welcomed around 54,000 visitors and earned
the TripAdvisor Traveller's Choice Award for the fourth consecutive year,
placing Chapel Down among the top 10% of attractions worldwide5. Chapel Down
also received a Quality Food & Drink accreditation from Visit England,
recognising the excellence of our customer experience and hospitality
offering.
· Tours at Tenterden grew modestly at 2%, impacted by a softer Q1 and
limited capacity during peak periods. Momentum shown across Q4 at +24%,
supported by strong growth in corporate tours at +25% and visitor trade-up
into luxury experiences.
· Our events portfolio also continued to strengthen. Alongside our
established presence at Pub in the Park, we expanded participation in FY25 to
include Big Feastival, offering valuable sampling and trial opportunities to
c. 16,000 consumers over the summer.
Product category performance overview
£'000 2025 2024 Change %
Net Sales Revenue by Product Category
Traditional Method Sparkling wine 13,557 10,582 +28%
Still and other wines 4,739 4,460 +6%
Total Net Sales Revenue (Wine) 18,296 15,042 +22%
Spirits - 161 -100%
Non-wine sales 1,147 1,148 -
Total Net Sales Revenue 19,443 16,351 +19%
· TMS remains our strategic focus, increasing its contribution of wine
sales to 74% (FY24: 70%). TMS sales increased by +28% to £13.6m (FY24:
£10.6m), reflecting the success of new listings across both the Off-Trade and
On-Trade, as well as establishing strategic international partnerships. This
performance was underpinned by rising consumer demand across all channels,
reinforcing the strength and appeal of our core sparkling range.
· Still and other wines delivered a combined revenue increase of +6% to
£4.7m (FY24: £4.5m). Highlights include new listings of A Touch of Sparkle
Rosé in Waitrose, Bacchus on Virgin Atlantic, and 390 new outlets across the
On-Trade.
· Spirits were fully exited by the end of FY24, in line with our
strategic focus on core wine-led growth.
· Non-wine sales were flat year-on-year despite the planned wind-down
of our Vine Lease and Vine to Wine initiatives which reduced our revenue
compared to FY24, offset by the increase in tour revenues.
Gross margin
· Gross profit increased +16% to £9.2m (FY24: £7.9m), driven by
higher net sales revenue. However, gross margin declined to 47.1% from 48.4%
due to increased mix of sales into the lower-margin Off-Trade channel, as well
as higher cost of goods that related mainly to selling TMS bottles from the
2022 harvest, which had been impacted by inflation on the cost of glass
following Russia's invasion of Ukraine. These diluting factors of gross margin
were partially offset due to a favourable shift in product mix towards high
margin TMS, as well as the planned exit of the lower‑margin spirits category
in FY24.
Administrative expenses
· Administrative expenses (excluding depreciation, amortisation and
share-based payment expense) increased +12% to £7.7m as the Group increased
marketing investment to £2.2m (FY24: £2.0m) to drive awareness and consumer
purchase; and increased headcount across the organisation to support current
and future growth.
· Depreciation and amortisation remained flat to FY24 (£0.4m) as there
were no new significant productive assets capitalised. Our latest planted
vineyards, Boxley Abbey and Buckwell, are on track to become fully productive
in 2026 and 2027 respectively.
· Share-based payment expense of £0.2m relates to new LTIP grants in
the year, compared to a reversal of charges in FY24 (£0.2m) due to conditions
of prior LTIP grants no longer being met.
Fair value adjustment to biological produce
· Fair value movement in biological produce income was £0.6m (FY24:
loss of £0.6m). The in-year fair value movement is a non-cash accounting
adjustment for 'viticultural profit' during the year, which is calculated as
the estimated market value of grapes, less the vintage's growing costs. The
Group benefited from an above-average yield and high-quality grapes in the
year.
Exceptional costs
· Exceptional costs of £0.2m related to the final expenses regarding
the strategic review in FY24.
Balance sheet movements
· Working capital increased +16% to £29.5m (FY24: £25.5m) due to the
cultivation and winemaking costs relating to the above-average 2025 harvest.
We continue to build our stocks of maturing TMS to underpin our future growth
and mitigate against potential poor harvests in the future.
· Net debt (excluding lease liabilities) increased to £12.4m (FY24:
£9.2m) most notably due to biological asset development costs capitalised
relating to the most recent vineyard plantings at Boxley Abbey and Buckwell;
bottling of the 2024 harvests; and in year cultivation and costs relating to
the above-average 2025 harvest. The Group has a Revolving Credit Facility
(RCF) of £20m and an accordion option to extend the facility to £30m.
· Net assets increased +1% to £33.1m (FY24: £32.7m). The Board
continues to believe the market value of the tangible assets is considerably
higher than the IFRS reported book value.
Note 1: Market leading 'Brand awareness' growth to 49% (2024: 42%),
'Penetration' growth to 20% (2024: 17%). Source: Savanta, BrandVue, Sparkling
wine drinkers, MAT end December 2025 and December 2024.
Note 2: Champagne Global shipments of 266 million bottles 2025, 271 million in
2024. Source: Comité Champagne (Champagne: 2025 shipment review and outlook.
17 Jan 2026) and (271 million bottles shipped in 2024. 18 Jan 2025).
Note 3: Chapel Down sparkling wine growth was +16% (+17% for TMS wine)
compared to English Sparkling Wine category growth of +12%. Chapel Down
remains the market leader in the English Sparkling Wine category with 36%
market share across the Off-Trade channel. Source: NIQ UK Sparkling Wines - 52
w/e 27th December 2025 vs 52 w/e 28th December 2024.
Note 4: Source: Global Travel Retail consumer retail sales value as per
Avolta, Lagardere and Harding data 1(st) January 2025 - 31(st) December 2025
vs 1(st) January 2024 -31(st) December 2024.
Note 5: Trip Advisor 2025 Travellers' Choice Awards.
Note 6: In addition to the statutory measures, the Group also measures its
performance by reference to Adjusted EBITDA. Adjusted EBITDA is an Alternative
Performance Measure (APM), as defined within the European Securities and
Markets Authority Guidelines on APMs. Adjusted EBITDA relates to profit from
operations before interest, tax, depreciation, amortisation, share-based
payment expense, exceptional items and fair value adjustments. Also see Note 4
to the Financial Statements below.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
£'000 £'000
Gross sales revenue 22,445 18,923
Duty (3,002) (2,572)
Net sales revenue 19,443 16,351
Cost of sales (10,281) (8,433)
Gross profit 9,162 7,918
Administrative expenses (8,257) (7,036)
Operating profit before exceptional items and fair value
adjustment on measurement of biological produce 905 882
Fair value adjustment on measurement of biological produce 597 (567)
Operating profit before exceptional items 1,502 315
Exceptional items (221) (1,217)
Operating profit/(loss) 1,281 (902)
Finance income 3 12
Finance costs (815) (510)
Profit/(loss) before tax 469 (1,400)
Tax (charge)/credit (239) 91
Profit/(loss) and total comprehensive
Income/(loss) for the year 230 (1,309)
Total comprehensive income/(loss) attributable
to the equity holders of the Company 230 (1,309)
Basic profit/(loss) - pence per share 0.13 (0.76)
Diluted profit/(loss) - pence per share 0.13 (0.76)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
2025 2024
£'000 £'000
Non-current assets
Intangible assets 5 18
Property, plant and equipment 27,213 26,804
27,218 26,822
Current assets
Biological produce - -
Inventories 30,579 26,558
Trade and other receivables 5,318 4,004
Cash and cash equivalents 262 982
36,159 31,544
Total assets 63,377 58,366
Equity and liabilities
Equity
Called up share capital 8,576 8,576
Share premium 31,654 31,654
Revaluation reserve 870 904
Retained earnings (8,046) (8,482)
Total equity 33,054 32,652
Non-current liabilities
Borrowings 12,544 -
Lease liabilities 9,590 9,226
Deferred tax liabilities 1,340 1,092
23,474 10,318
Current liabilities
Borrowings - 9,976
Trade and other payables 6,353 5,044
Lease liabilities 496 376
Total current liabilities 6,849 15,396
Total liabilities 30,323 25,714
Total equity and liabilities 63,377 58,366
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
£'000 £'000
Cash flows from operating activities
Profit/(loss) before tax 469 (1,400)
Adjustments to reconcile profit before tax to
net cash flows:
Amortisation of intangible assets 13 24
Depreciation of property, plant and equipment 376 353
Loss on disposal of property, plant and equipment 9 77
Finance income (3) (12)
Finance costs 815 510
Fair value adjustment on measurement of biological produce (597) 567
Bonus issue of shares - 122
Share-based payments expense/(credit) 181 (198)
Increase in trade and other receivables (1,314) (411)
Increase in inventories (1,253) (2,700)
Increase/(decrease) in trade and other payables 1,309 (726)
Net cash flows generated from/(used in) operating activities 5 (3,794)
Cash flows from investing activities
Purchase of property, plant and equipment (1,411) (2,474)
Interest received 3 12
Net cash flows used in investing activities (1,408) (2,462)
Cash flows from financing activities
Proceeds from borrowings 18,082 9,528
Repayment of borrowings (16,311) (2,229)
Lease payments (1,088) (1,004)
Interest paid - (61)
Net cash flows generated from financing activities 683 6,234
Net decrease in cash (720) (22)
Cash and cash equivalents at beginning of period 982 1,004
Cash at the end of period 262 982
1. BASIS OF PREPARATION/ACCOUNTING POLICIES
The Group's report for the year ended 31 December 2025 was authorised for
issue by the Directors on 28 April 2026. The financial information does not
constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006. Accordingly, this report is to be read in conjunction with
the Annual Report for the year ended 31 December 2025, which was prepared in
accordance with the Group's reporting standards (International Financial
Reporting Standards as adopted by the UK, IFRS) that were in effect at that
time.
The Group is required to value net assets in accordance with the Group's
reporting standard (IFRS). The assets (wine stock, land, vineyard) are held at
cost which the Directors believe is considerably less than the net realisable
value.
The statutory accounts for the year ended 31 December 2025 have been reported
on by the Group's auditors, received an unqualified audit report and will be
issued to shareholders in May 2026.
2. BALANCE SHEET REVIEW
The net asset value of the Group as at 31 December 2025 was £33,054k which
includes:
• Fixed assets held at net book value of £27,213k, including
vineyard development expenditure which is capitalised at cost.
• £30,579k of stock which is valued at cost, being the lower of
cost or net realisable value.
3. PROFIT PER SHARE
The calculation of the profit per share for the year ended 31 December 2025 is
based on the profit for the period of £230k and the weighted average number
of shares in issue during the period of 171,524,316 exclusive of the effect of
dilutive share options, and 173,337,641 inclusive of dilutive options.
4. Reconciliation of operating profit to adjusted EBITDA
2025 2024
£'000 £'000
Operating profit/(loss) 1,281 (902)
Add back:
Fair value adjustment to biological produce (597) 567
Depreciation and amortisation 2,013 1,765
Finance costs in operating profit 626 536
Share-based payment expense/(credit) 181 (198)
Exceptional items 221 1,217
Adjusted EBITDA 3,725 2,985
The intention of the Adjusted EBITDA metric is to provide a comparable,
year-on-year indicator of underlying trading and operational performance by
excluding the impact of non-cash or volatile non-trading elements such as
financing, depreciation, volatile share price performance or one-off
exceptional impacts. At the 2025 year-end management elected to treat the fair
value adjustment to biological produce as an adjusting item, since it is both
a non-cash item and a potentially volatile non-trading element of operating
profit or loss. As a result of this change, the prior year Adjusted EBITDA
comparative has been restated to align to the revised basis.
5. DISTRIBUTION OF THE FULL YEAR STATEMENT
Copies of this statement will be available for collection free of charge from
the Company's registered office at Chapel Down Winery, Small Hythe Road,
Tenterden, TN30 7NG. An electronic version will be available on the Company's
website, www.chapeldown.com (http://www.chapeldown.com) .
Contacts
Chapel Down Group plc
James Pennefather Chief Executive Officer 01580 763 033
Louan Mouton Chief Financial Officer
Singer Capital Markets
Alex Bond Nominated Adviser and Broker 020 7496 3000
Shaun Dobson
James Todd
H/Advisors Maitland
Sam Cartwright 020 7379 5151
Jonathan Cook
About Chapel Down:
Chapel Down (AIM: CDGP) is England's leading winemaker and the lighthouse
brand of English wine, the world's newest international wine region. From its
home in Kent in the heart of the Garden of England, Chapel Down produces a
range of sparkling and still wines which consistently win prestigious
international awards for their quality. Chapel Down has over 1,000 acres of
vineyards, c.9% of the UK's total, of which 777 acres are fully productive.
Chapel Down's status as the most recognised English wine brand is supported by
its partnerships with flagship sporting and cultural events including Ascot
and The Boat Race, and Chapel Down is the 'Official Sparkling Wine' of the
England and Wales Cricket Board.
Chapel Down is listed on the London Stock Exchange's AIM and has over 10,000
retail investors who enjoy discounts on Chapel Down's wines, tours and
tastings at the brand's home at Tenterden in Kent, which each year attracts
c.50,000 visitors.
Chapel Down is strongly committed to growing its business in balance with the
environment and sustainability is a strong, ongoing focus. The company is a
founding member of Sustainable Wines of Great Britain and practises
sustainable viticulture.
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. END FR AKFBPFBKDKQB
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