By Emily Hawkins
Plans to double the size of Chapel Down have “started strongly” after a hot summer has allowed the English wine maker to begin harvesting in August for the first time.
The London-listed firm described its 2022 harvest as looking “very positive”, crediting the heatwave that swept the country this summer. “We expect 2022 to combine a strong yield with excellent quality,” it stated in interim results on Monday.
Shares in Chapel Down slid on Monday morning, with the price down five per cent in by the afternoon.
The winemaker posted net sales revenues elevated by four per cent to £6.88m, after booming sales in its traditional method sparkling wine category.
It also posted profit before tax boosted 6.4 per cent to £488.7k.
Andrew Carter, chief executive officer, said the firm was viewing the rest of the year “with confidence”.
“Despite the evolving consumer backdrop, we continue to trade positively and expect to deliver net sales revenue growth and sustained margins for the full year,” he added.
“This, together with our positive 2022 harvest, ensures we are on track to meet our target of doubling the size of the business by 2026.”
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