UK's Virgin Wines hits record low on profit tumbles, div setback

Virgin Wines UK

14/03/2023 11:27

** Shares of online wine retailer Virgin Wines Plc  VINO.L 
fall as much as 12.5% to record low of 42.4p
    ** VINO reports HY profit before tax sinks to 0.1 mln pounds
($121,550) from 3.2 mln pounds year ago
    ** Co says consumer spend and order frequency hit by
inflationary pressures and cost of living issues
    ** VINO adds board is not recommending interim dividend, but
dividend policy remains under review
    ** Co undertaking business review to assess growth and UK
expansion opportunities, but review excludes M&A options, CEO
tells Reuters
    ** VINO backs 2023 revenue and core profit margin outlook
    ** Including session's losses, stock has fallen ~39% YTD
 
 ($1 = 0.8227 pounds)

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))