Kentish Gazette Canterbury & District
Winemaker aims for ‘double digit’ growth in 2024
After a record harvest, there could be a sparkling year ahead for Chapel Down
Winemaker Chapel Down is raising a glass following publication of its latest financial figures in which it declares it is “strongly profitable at all levels”.
The Tenterden-based company, which listed on AIM (London’s Alternative Investment Market) in December, saw revenues, profits and its average selling price all increase in the 2023 calendar year.
And it says it expects to deliver “double-digit” sales growth during 2024 following a record harvest last year and further expansion of its vineyards.
During 2023, it saw gross profit increase by 16% to £8.9m compared to £7.7m the year before. Revenues increased 15% to £17.9m.
It added Chapel Down’s average selling price grew 13% during the year - underling “the continued premiumisation of the brand”.
The company said it hopes a new £32m purpose-built winery - proposed for land in an Area of Outstanding Natural Beauty (AONB) close to Bridge, near Canterbury - will be operational in time for the 2026 harvest.
The plans are currently the subject of a legal challenge after being approved by Canterbury City Council.
It says it intends to “develop an expanded tourism offering” at its Tenterden headquarters and is continuing to seek further land in the county for vines.
Andrew Carter, chief executive of Chapel Down, said: “In line with our 2023 targets, the business achieved double-digit net sales revenue growth, driven by the exceptional performance of our traditional method sparkling wine and growth across all of our UK and international trade channels and our direct-toconsumer business. “Chapel Down continues to grow profitably – a core strength which, along with our strong balance sheet, makes us resilient and underpins our ambitious future growth plans,” added Mr Carter. “Our continued outstanding performance, and the fantastic, record-breaking 2023 harvest, means our passionate and highly skilled team carries significant momentum into the new financial year.”