Unaudited results for period ended 30 June 2024
04/09/2024 07:00
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RNS Number : 7603C Chapel Down Group PLC 04 September 2024
This announcement contains inside information for the purposes of the retained
UK version of the EU Market Abuse Regulation (EU) 596/2014 ("UK MAR").
Chapel Down Group Plc
('CDG' or 'the Company')
EPIC: CDGP
UNAUDITED RESULTS FOR THE PERIOD ENDED 30 JUNE 2024
The Board reports strong sales growth in the on-trade, export and direct to
consumer channels, offset by one-off challenges in the off-trade, and
continued profitability. The Company continues to make good strategic and
operational progress as it develops its market-leading brand in the UK and
around the world.
Financial highlights
· Net Sales Revenue net of retro of £7,123k(2) (2023: £8,043k), a
reduction of 11% against the prior year. Strong performance in direct to
consumer (DTC) which grew +23% to £2,584k(1) (2023: £2,095k), on-trade which
grew +20% to £1,269k(1) (2023 £1,057k) and Export which also grew +20% to
£459k(1) (2023: £383k), offset by more challenging off-trade performance
-36% to £3,085k(1) (2023: £4,785k) primarily due to one-off factors,
particularly movement in retailers' stock holdings.
· Gross profit of £3,419k, down 22% (2023: £4,367k), impacted, as
expected, by a greater weighting of Still wines due to the exceptional 2023
harvest, higher cost of goods sold (COGS) largely due to higher cost of
vintages in sales mix, partially offset by increased ASP on Sparkling.
· Adjusted EBITDA(5) down 58% to £1,364k (2023: £3,258k) due to
reduced gross profit and an expected lower fair value adjustment on biological
assets.
· Continued premiumisation in the Traditional method sparkling (TMS)
category with average selling price (ASP) increasing +9%, offset by planned
recommended retail price reductions and increased volumes in Still wines.
Overall, ASP was down 2%.
· Significant increase in Stocks, up 49% to £21,866k (H1 2023:
£14,671) reflecting the bottling of the 2023 Harvest.
· Net debt at £5.8m (YE 2023: £1.2m), driven by the full planting of
the new Buckwell vineyard and the in-year costs of the 2023 harvest. At 30
June, the Company had £5.1m of the current £12m RCF facility available. As
previously disclosed, the Company expects to sign a new facility in Q3 which
extends and increases this RCF.
· Net asset value increased to £34,678k (H1 2023: £34,115k, YE 2023:
£34,326k). The Board continues to believe that the market value of the
tangible assets is considerably higher than this IFRS reported value.
Operational highlights
· Quality of Chapel Down wines continue to be recognised at national and
international awards, with 2024 the most successful year yet across the top
five wine competitions:
o Decanter award 'Best in show' for Sparkling Rosé.
o WineGB 'Supreme champion', the most prestigious prize for Kit's Coty Coeur
de Cuvee 2016, as well as the top Still wine prize, with Kit's Coty Chardonnay
2021.
· Continued investment in brand including key sponsorship activations
has maintained Chapel Down's position as the power brand in English wine:
o Market leading 'Consumer awareness' growth to 42%(5) (H1 2023: 36%, YE
2023: 39%), 'Penetration' growth to 15%(5) (H1 2023: 12%, YE 2023: 14%) and
social media following growth to 118k followers (H1 2023: 95k, YE 2023 105k).
Each of these metrics remains higher than any other English wine brand.
o Chapel Down benefitted from its position as the official sparkling wine of
the England & Wales Cricket Board and the Oxford & Cambridge boat
race, being partner to Tom Kerridge's Pub in the Park festival series and has
signed an extended sponsorship partnership with Ascot Racecourse.
· 2024 growing season progressing well, with no frost damage during
early spring, and fine, warm weather during flowering.
· Planting at the new Buckwell vineyard is now complete, which gives an
additional 91 acres (37 hectares) of Chardonnay and 27 acres (11 hectares) of
Pinot Noir. Chapel Down's total planted vineyards now extend to 1,024 acres
(414 hectares), c10% of all UK planted vineyards.
· Significant technology investments were completed in H1 2024, giving
Chapel Down a single, scalable and integrated technology and data platform
covering Sales, Customer Relationship Management and Finance. In line with
relevant accounting practice concerning cloud-based technology, this is
accounted for as an exceptional item of £224k (2023: £0).
Outlook
· One-off factors have impacted H1 trading, so the Board is now
expecting single digit NSR growth for the year, with a previously noted return
to normalised profit levels.
· Confidence in H2 performance comes from a number of factors including:
o Strong underlying consumer demand in H1, as evidenced by robust DTC sales
(+23%), and more resilient consumer demand in the off-trade, than reported
NSR.
o Planned upweighted H2 off-trade promotional activities
o Ongoing upside from new Trade and Export distribution wins in H1, plus
continued expected new distribution wins in H2.
o Continued market leadership for key brand metrics including awareness and
penetration.
· Continue to expect some gross profit margin decline for the full year
against 2023 driven by the expected greater weighting of Still wines due to
the 2023 harvest and higher COGS predominantly due to higher vintage costs in
the 2024 sales mix.
· Adjusted EBITDA(5) will return to normalised levels, since last year's
significant fair value gains on harvest are not expected to recur in 2024, as
guided in 2023 results
· Chapel Down announced a strategic review of options to fund long-term
growth on 25 June 2024. This review continues and the Company will provide an
update in due course.
Andrew Carter, Chief Executive Officer of Chapel Down commented, "Chapel Down
continues to be the market leader in the English wine industry, with the
leading brand, the deepest distribution and internationally celebrated wines.
2024 has seen continued strategic and operational progress with robust
trading, particularly in the on-trade, export and direct-to-consumer channels
which shows continued, strong consumer demand. In the first half, this has
been offset by some challenges in the off-trade, predominantly caused by
one-off factors. Chapel Down is fortunate to benefit from an exceptional team,
committed to the delivery of our strategic plans and profitable growth, and I
thank them for their contribution to Chapel Down's continued success."
Chairman's commentary
2024 has seen the continuation of the exceptional growth of the English wine
industry. We continue to see the creation of a new global wine region, with a
number of high-quality vineyards, award-winning wines and an increase in
wine-related tourism.
The English wine region's growth is enabled by the excellence of the terroir,
with an abundance of south facing, chalk and clay slopes and a cool maritime
climate that give rise to perfect conditions for traditional method sparkling
wine production. Wine GB estimates that there were 10,695 acres (4,328
hectares) of vineyards planted at the end of 2023, and this is growing
rapidly, up 180% over the past decade. The mid-point of Wine GB's industry
forecast is to have 18,780 acres (7,600 hectares) of vineyards planted by 2032
and wine production increasing from 12.2m bottles in 2022 to 24.7m in 2032.
Although H1 has been more challenging predominantly due to one-off factors in
the off-trade and a more difficult macro-economic environment, Chapel Down
remains the clear leader within English wine. Moreover, Chapel Down has
enduring sources of competitive advantage, as well as a complete focus on
being England's leading and most celebrated winemaker. This gives me great
confidence about the future. I remain hugely excited about the prospects for
continued extraordinary growth in the English wine industry but particularly
for the market leader, Chapel Down.
As announced this morning, Andrew Carter will be stepping down as Chief
Executive Officer in the first half of 2025. Chapel Down has enjoyed huge
success and celebrated several strategic milestones under Andrew's leadership,
and we wish him every success in his new role at Timothy Taylor & Co
Ltd.
Finally, I would like to thank all our customers, our teams, growers, as well
as our committed, loyal and enthusiastic shareholders, without whom these
ongoing successes would not have been possible.
Chief Executives review
Chapel Down's vision is to be the leading and most celebrated English
winemaker, and I am proud of the team performance in the challenging trading
environment we have faced in the first half of this year. As we continue to
build our position as England's largest winemaker, we remain at the forefront
of the continued growth and development of the world's newest global wine
region.
Key metrics
P&L account 2024 2023 Change %
£000s £000s
Net sales revenue - gross of retro 7,406 8,369 -12%
Retro (283) (325) -13%
Net sales revenue - net of retro 7,123 8,043 -11%
Gross profit 3,419 4,367 -22%
Gross profit % 48% 54% -6% pts
Fair value movement in biological produce 773 1,670 -54%
Operating profit before exceptional costs 442 2,472 -82%
Exceptional costs (224) -
Operating profit 218 2,472 -91%
Profit before tax 40 2,405 -98%
Adjusted EBITDA(5) 1,363 3,258 -58%
Balance sheet account
Stock 21,866 14,671 +49%
Net assets 34,594 34,048 +2%
Net cash / (debt) excluding lease liabilities (5,777) 1,148
Key metrics
Average selling price (ASP) £10.86 £11.09 -2%
Planted vineyards (acres / hectares) 1,024 / 414 906 / 367 +13%
Financial review
· Net Sales Revenue net of retro of £7,123k(2) (2023: £8,043k), a
reduction of 11% against the prior year. Strong performance in direct to
consumer (DTC) which grew +23% to £2,584k(1) (2023: £2,095k), on-trade which
grew +20% to £1,269k(1) (2023 £1,057k) and Export which also grew +20% to
£459k(1) (2023: £383k), offset by more challenging off-trade performance
-36% to £3,085k(1) (2023: £4,785k) primarily due to one-off factors,
particularly movement in retailers stock holdings.
· Gross profit of £3,419k, down 22% (2023: £4,367k), impacted, as
expected, by a greater weighting of Still wines due to the 2023 harvest,
higher cost of goods sold (COGS) largely due to higher cost of vintages in
sales mix, partially offset by increased ASP on Sparkling.
· Adjusted EBITDA(5) down 58% to £1,364k (2023: £3,258k) due to
reduced gross profit and an expected lower fair value adjustment on biological
assets.
· Continued premiumisation in the Traditional method sparkling (TMS)
category with average selling price (ASP) increasing +9%, offset by planned
recommended retail price (RRP) reductions and increased volumes in Still
wines. Overall, ASP was down 2%.
· Exceptional items of £224k (2023: £0) reflect the investment in
technology outlined in Operational highlights.
· Significant increase in Stocks, up 49% to £21,866k (H1 2023:
£14,671) reflecting the bottling of the 2023 Harvest.
· Net debt at £5.8m (YE 2023: £1.2m), driven by the full planting of
the new Buckwell vineyard and the in-year costs of the 2023 harvest. At 30
June, the Company had £5.1m of its current £12m RCF facility available.
o The fixed term portion of the Revolving Credit Facility (RCF), which
attracted the highest interest rate has been repaid, leaving a £12m facility,
of which £5.1m is undrawn.
o As previously disclosed, the Company expects to sign a new facility in Q3
which extends and increases this RCF.
· Net asset value increased to £34,678k (H1 2023: 34,115k, YE 2023:
34,326k). The Board continues to believe that the market value of the
tangible assets is considerably higher than this IFRS reported value.
Channel performance:
Channel 2024(1) 2023(1) Change %
£000s £000s
Off 3,085 4,785 -36%
On 1,269 1,057 +20%
Export 459 383 +20%
eCommerce 1,446 1,086 +33%
Retail, Events, Tours 932 887 +5%
Other Sales & Income 215 172 +25%
Total 7,406 8,369 -12%
Of which DTC 2,584 2,095 +23%
DTC as % of Revenue 35% 25%
· Strong performance across all channels, except Off trade where one-off
factors impacted performance, particularly of Sparkling wine.
· Off trade down 36% at £3,085k (2023: £4,785k). This underperformance
is primarily driven by one-off factors, with more resilient underlying
consumer demand and market share in the off-trade than reported sales reflect.
o One-off items include:
o Lack of the usual, expected re-stocking during H1, particularly in
Sparkling. This was a consequence of retailers having higher than usual stock
at the start of 2024 due to lower ROS than expected in Q4 2023.
o The King's Coronation, the largest single category driver in 2023, in
comparative.
o In addition, we saw some rate of sale (ROS) decline, partly due to poor
weather, a more challenging macro-economic environment and weighting of
promotional calendar towards H2, partially offset by increased distribution.
o Consumer sales in the off-trade are more resilient than statutory revenue
decline of 36%, as shown by:
o EPOS(3) Retail Sales Value (RSV) off-trade data shows Chapel Down sales to
consumers in the off-trade only -7% at £4.1m (2023: £4.4m).
o Off-trade market Share for H1 at 34%(4) of English Sparkling category
(2023: 37%).
· Strong on-trade performance, up 20% to £1,269k (2023: £1,057k)
supported by new listings with leading hospitality outlets in 2023
o Strong distribution growth, +29%, ex-spirits, to 2,228 unique outlets (H1
2023: 1,726, YE 2023: 1,913), including prestigious outlets such as Chez Roux
at The Langham alongside major nationals such as Greene King and Mitchells
& Butlers.
o By the glass placements +50%, ex-spirits, to 1,639 listings (H1 2023:
1,092) with notable examples including City Social, Boisdale and Oakman Inns.
· Export growth driven by increased distribution in Global travel retail
as well as export markets, up 20% to £459k (2023: £383k).
o Chapel Down now listed in 24 key UK travel hubs including Heathrow,
Gatwick, London City, Luton and Manchester airports (2023: 9 locations)
o Successful launch exclusive 'Travellers Edition' Sparkling wine into
airports with World Duty Free and Cruise ship retail with Harding+ as well as
launching Still wines in Aelia.
o Growth in key international markets includes the launch of Grand Reserve
2018 into Sweden and Brut into new distribution in Hong Kong.
· Strong H1 in eCommerce with NSR up +33% to £1,446k (2023: £1,086k).
o Strong performance driven by successfully recruiting new customers, +33%
vs H1 2023, while also increasing the number of returning existing customers
65% (H1 2023: 63%).
· Retail and tours performed well, increasing revenue 5% to £932k
(2023: £887k) despite being impacted by tours operating at capacity in peak
periods, the 2023 Spirits exit, and poor weather slightly reducing overall
footfall at Tenterden.
o Customer experience remains excellent as reflected in 2024 Travellers'
Choice Award from TripAdvisor.
o New booking platform is now operational, facilitating easier tour booking,
buying of gifts and bundling tours with wine sales.
Category performance:
Category 2024(1) 2023(1) Change % % of Wine sales
£000s £000s
Traditional method sparkling 4,667 5,661 -18% 69%
A touch of sparkle 592 727 -19% 9%
Still 1,535 1,340 +15% 22%
Spirits 108 239 -55%
Tours & Other sales 504 401 +26%
Total 7,406 8,369 -12%
· Sparkling sales were impacted in the Off trade by the one-off impacts
highlighted above, and this led to sales being 18% down on PY to £4,667k
(2023: £5,661k). TMS ASP was +9% driven by increased RRP reflecting continued
brand premiumisation.
· ATOS sales reduced by 19% to £592k (2023: £727k) reflecting a volume
reduction of 17% to 75k (2023: 91k) and an ASP reduction of 2%. Moving more
off-Trade promotional phasing into H2 was a significant cause of
underperformance.
· Still wine sales increased 15% to £1,535k (2023: £1,340k) driven by
increased volumes, up 21% to 237k (2023: 196k) and a planned ASP reduction to
increase consumer accessibility, enabled by the 2023 harvest.
· Now fully exited spirits, impacting revenue by £131k (2024: £108k,
2023: £239k).
· Tours and other sales +26% to £504k (2023: £401k) primarily due to
the 'Vine to wine' event happening in H1 in 2024, but in H2 in 2023.
Operational Performance
· Quality of Chapel Down wines continue to be recognised at national and
international awards, with 2024 the most successful year yet across the top
five wine competitions:
o Decanter awards 'Best in show' for Sparkling Rosé. English wine company's
have only been awarded this accolade ten times in history, three of which have
been to Chapel Down.
o WineGB 'Supreme champion', which is the top prize awarded, with Kit's Coty
Coeur de Cuvee 2016 as well as winning the top Still wine prize, with Kit's
Coty Chardonnay 2021.
o Chapel Down achieved its best performance with wine awards this year,
winning a total of 41 awards across the top five wine competitions.
· Continued investment in brand including key sponsorship activations
has maintained Chapel Down's position as the power brand in English wine:
o Market leading 'Consumer awareness' of 42%5 (H1 2023: 36%, YE 2023: 39%),
'Affinity' 24%5 (H1 2023: 18%, YE 2023: 22%), 'Penetration' of 15%5 (H1 2023:
12%, YE 2023: 14%), 'High quality' perception 24%5 (H1 2023: 21%, YE 2023:
20%) and the Company's social media following, with 118k followers (H1 2023:
95k, YE 2023 105k) continue to grow strongly. Each of these metrics remains
higher than any other English wine brand.
o Chapel Down remains the official sparkling wine of the England & Wales
Cricket Board and the Oxford & Cambridge boat race.
o Chapel Down also has a new extended sponsorship partnership with Ascot
Racecourse which has included the launch of a limited-edition Chapel Down
Royal Ascot Edition sparkling wine and setting up 'Yeats by Chapel Down', our
own sparkling wine bar at Royal Ascot.
o We have additionally continued the strong partnership with Tom Kerridge's
Pub in the Park.
· 2024 growing season is progressing well. There was no frost damage
during early spring, and fine, warm weather during flowering. The combination
of skilled operators, good equipment and 46 digital weather sensors across our
sites means our vines remain in good health.
· Planting at the new Buckwell vineyard is now complete, which gives an
additional 91 acres (37 hectares) of Chardonnay and 27 acres (11 hectares) of
Pinot Noir. Chapel Down's total vineyards now extend to 1,024 acres (414
hectares), c10% of all UK planted Vineyards,
· Continue to invest in sustainable operations, and will announce the
Company's plans, including the Company's net zero target, in Q3.
· Significant technology investments were completed in H1 2024, giving
Chapel Down a single, scalable and integrated technology and data platform
covering Sales, Customer Relationship Management and Finance. In line with
relevant accounting practice concerning cloud-based technology, this is
accounted for as an exceptional item of £224k (2023: £0).
Chapel Down has a great team and is well positioned in an exciting market. The
creation of a new global wine region is rare, and we are proud to be leading
the way. I remain hugely confident and excited about the future of English
wine and Chapel Down. I would like to conclude by thanking our customers, our
teams, our growers and shareholders for their ongoing support. Chapel Down are
looking forward to continuing this journey together, with huge anticipation
and excitement. Andrew Carter, CEO
Notes
1. Category and Channel NSR shown gross of retro, to allow for a comparative to
be shown
2. NSR net of retro is the IFRS revenue
3. Chapel Down EPOS data for Sparkling and Still wine sales - H1 2024. EPOS data
includes all major off-trade customers excluding Majestic Wines, Ocado and
Booths
4. Nielsen, moving annual total (MAT), 14 July 2024
5. Adjusted EBITDA relates to profit from operations before interest, tax,
depreciation, amortisation, share based payment expense and exceptional costs.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2024
Unaudited Unaudited
H1 2024 H1 2023
£ £
Gross sales revenue 8,462,621 9,336,529
Duty (1,056,947) (967,994)
Net sales revenue - gross of retros 7,405,674 8,368,535
Retros (282,534) (325,497)
Net sales revenue - net of retros 7,123,140 8,043,038
Cost of sales (3,703,805) (3,676,471)
Gross profit 3,419,335 4,366,567
Administrative expenses (3,750,302) (3,563,850)
Operating (loss)/profit before exceptional costs and fair value movement in (330,967) 802,717
biological produce
Fair value gain/(loss) on measurement of biological produce 772,731 1,669,674
Operating profit before exceptional costs 441,764 2,472,391
Exceptional costs (223,813) -
Operating profit 217,951 2,472,391
Share of after tax losses in associates - -
Finance income 5,895 19,882
Finance costs (183,584) (87,165)
Profit before tax 40,262 2,405,108
Tax credit/(charge) 54,516 (630,192)
Profit for the period 94,778 1,774,916
Other comprehensive income for the period
Tax credit 29,360 -
Total comprehensive income for the period 124,138 1,774,916
Total comprehensive income attributable to
the equity holders of the company 124,138 1,774,916
Basic profit - pence per share 0.02 1.51
Diluted profit - pence per share 0.02 1.51
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
Unaudited as at 30.06.2024 Unaudited as at 30.06.2023 Audited
as at 31.12.2023
£ £ £
Non-current assets
Intangible assets 26,546 148,850 41,803
Property, plant and equipment 24,094,242 22,674,572 23,898,358
24,120,788 22,823,422 23,940,161
Current assets
Biological produce 2,392,726 2,969,796 -
Inventories 21,866,453 14,671,084 22,581,264
Trade and other receivables 3,224,705 3,626,033 3,593,348
Cash and cash equivalents 1,138,633 3,537,839 1,004,305
28,622,517 24,804,752 27,178,917
Total assets 52,743,305 47,628,174 51,119,078
Equity and liabilities
Equity
Called up share capital 8,576,216 7,964,506 8,566,939
Share premium 31,654,317 32,143,576 31,541,143
Capital redemption reserve 400 400 400
Revaluation reserve 919,825 943,794 936,703
Retained earnings (6,472,738) (6,936,478) (6,719,248)
Total equity 34,678,020 34,115,798 34,325,937
Non-current liabilities
Borrowings 6,915,400 - -
Trade and other payables - 17,969 22,630
Lease liabilities 7,259,156 6,473,766 7,457,140
Deferred tax liabilities 809,521 996,189 893,397
14,984,077 7,487,924 8,373,167
Current liabilities
Borrowings - 2,390,052 2,240,748
Trade and other payables 2,688,409 3,293,505 5,748,571
Lease liabilities 392,799 340,895 430,655
Total current liabilities 3,081,208 6,024,452 8,419,974
Total liabilities 18,065,285 13,512,376 16,793,141
Total equity and liabilities 52,743,305 47,628,174 51,119,078
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2024
Unaudited Unaudited
H1 2024 H1 2023
£ £
Cash flows from operating activities
Profit before tax 40,262 2,405,108
Adjustments to reconcile profit before tax to
net cash flows:
Amortisation of intangible assets 15,257 18,758
Depreciation of property, plant and equipment 175,328 257,938
Profit on disposal of property, plant and equipment - 8,299
Finance cost included within cost of sales 141 -
Finance income (5,895) (19,882)
Finance cost 183,584 87,165
Fair value movement in biological produce (772,731) (1,669,674)
Equity-settled share-based payments 105,498 85,973
Decrease/(increase) in trade and other receivables 368,643 (930,958)
Decrease in inventories 2,326,608 3,172,594
Increase in biological assets (2,392,726) (2,969,796)
Decrease in trade and other payables (3,082,793) (1,066,314)
Tax received - -
Net cash flows used in operating activities (3,038,824) (620,789)
Cash flows from investing activities
Purchase of intangible fixed assets - (88,290)
Purchase of property, plant and equipment (982,490) (1,053,236)
Gain on extinguishment of leases 189 -
Interest received 5,895 19,882
Net cash flows used in investing activities (976,406) (1,121,644)
Cash flows from financing activities
Proceeds from issue of shares 122,451 -
Proceeds from borrowings 6,789,049 -
Repayment of borrowings (2,228,891) (150,000)
Lease payments (472,082) (285,368)
Interest paid (60,969) (85,131)
Net cash flows generated from/(used in)
financing activities 4,149,558 (520,499)
Net increase/(decrease) in cash 134,328 (2,262,932)
Cash and cash equivalents at beginning of period 1,004,305 5,800,771
Cash at the end of period 1,138,633 3,537,839
1. BASIS OF PREPARATION/ACCOUNTING POLICIES
The Company's report for the six months ended 30 June 2024 was authorised for
issue by the directors on 3(rd) September 2024. 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 2023, which was prepared in
accordance with the Company's reporting standards (International Financial
Reporting Standards as adopted by the UK, IFRS) that were in effect at that
time.
The Company is required to value net assets in accordance with the Company'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 2023 have been reported
on by the Company's auditors, received an unqualified audit report and have
been filed with the registrar of companies at Companies House. The unaudited
interim financial statements for the six months ended 30 June 2024 and 30 June
2023 have been drawn up using accounting policies and presentation adopted in
the Company's full financial statements for the year ended 31 December 2023,
being UK adopted IFRS.
2. BALANCE SHEET REVIEW
The net asset value of the Company as at 30 June 2024 was £34,678,020 which
includes:
· Fixed assets held at net book value of £24,094,242, including
vineyard development expenditure which is capitalised at cost.
· £21,866,453 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 six months ended 30 June 2024
is based on the profit for the period of £40,262 and the weighted average
number of shares in issue during the period of 171,369,707 exclusive of the
effect of dilutive share options, and 175,328,374 inclusive of dilutive
options.
4. DISTRIBUTION OF THE HALF 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
Andrew Carter Chief Executive Officer 01580 763 033
Rob Smith Chief Financial Officer
Singer Capital Markets
Shaun Dobson Nominated Adviser and Broker 020 7496 3000
Tom Salvesen
Asha Chotai
James Todd
H/Advisors Maitland
Sam Cartwright 020 7379 5151
Jonathan Cook
About Chapel Down:
Chapel Down (AIM: CDGP) is England's leading and largest winemaker and the
power 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 sparking and still wines which consistently win
prestigious international awards for their quality. Chapel Down has over 1,000
acres of vineyards, of which 750 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,
The Boat Race and Pub in the Park, 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
c60,000 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 practices
sustainable viticulture.
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