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Virgin Wines UK PLC - Norwich, England-based online wine retailer - Says financial year that ended on June 30 was in line with market expectations, with adjusted pretax profit of GBP500,000 on revenue of GBP59 million. Both are down from GBP5.1 million and GBP69.2 million, respectively, in financial 2022. At the halfway stage of the year, Virgin Wines had reported pretax profit of GBP100,000, down from GBP3.2 million a year before, on GBP33.6 million in revenue, down from GBP40.6 million.
More positively, Virgin Wines says conversion and cancellation rates trended positively throughout the fourth quarter of the recent year, while customer deposits into the company's flagship WineBank subscription scheme set a seasonal high of GBP8 million at the year-end. Virgin Wines acquired 90,000 new customers during the year at a 9.2% lower cost than in financial 2022. The company will release its full annual results in October, at which point it will provide an update on its business review and new initiatives. "We remain confident in the underlying business model and opportunities for future growth into FY 2024 and beyond," says Chief Executive Officer Jay Wright.
Current stock price: 29.00 pence, flat in London on Monday
12-month change: down 62%
By Tom Waite, Alliance News editor
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