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(Alliance News) - Gusbourne PLC on Monday said expects sharp growth in revenue for the first half of 2022, as well as freehold land purchased for future growth and production.
The Kent-based sparkling wine producer expects revenue for the first half to double to GBP3.0 million from GBP1.5 million a year prior, which it said reflects recovery from the effects of Covid-19.
This increase in revenue can be attributed to a significant increase in sales. Gusbourne anticipates direct to consumer sales to increase by 66% for the first half of the year, which has been driven by online sales and cellar door operations in Kent, it said.
Further, UK sales for the period are expected to more than double as the sectors continues to recover from Covid-19. International sales also performed strongly, with Japan, Norway and the US as the largest customer destinations.
Looking ahead, the company announced it has increased its existing asset-based lending facility with PNC Financial Services by GBP6 million. The new facility will be used to provide further working capital and support company growth, Gusbourne said.
In addition, the company purchased freehold land in Kent from non-executive director, Andrew Weeber. Gusbourne purchased the land in Ashford, Kent for GBP1.6 million and intends to use the acreage for additional vines in May 2024 to increase production. The additional wine produced "will help support the longer-term growth plans of the company," said Gusbourne.
Chief Executive Officer Charlie Holland said: "We continue to enjoy strong demand for Gusbourne wines, driven by the continued expansion of our customer base, both in the UK and internationally. It also reflects the luxury status and reputation of the Gusbourne brand, the dynamic growth of the English wine sector and the increasing demand for English wines."
Shares in Gusbourne were up 4.4% at 66.80 pence in London on Monday.
By Dominique Pretorius; dominiquepretorius@alliancenews.com
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