(Alliance News) - Chapel Down Group PLC on Tuesday celebrated sales growth for 2023 as English sparkling wine continues to take UK market share from Champagne.
The Tenterden, Kent-based wine maker said gross sales revenue rose 13% to GBP20.1 million in 2023 from GBP17.7 million in 2022.
Notably, English sparkling wine as a category grew retail sales value by 16% in the UK off-trade, while Champagne sales fell by 9%, Chapel Down highlighted.
Chief Executive Officer Andrew Carter said: "2023 was a landmark year for English wine and Chapel Down, and it is great to see the strategic and operational progress that we have delivered, and the continuing sales momentum we have."
Looking ahead, CEO Carter said: "Chapel Down continues to grow profitably – a core strength which, along with our strong balance sheet, makes us resilient and underpins our ambitious plans."
Chapel Down shares were flat at 64.00 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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Chapel Down Grp (CDGP)