- 2025/07/05
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[PR]
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Chapel Down Group Plc
(`CDG' or `the Company')
EPIC: CDG
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30th JUNE 2012
Chapel Down Group PLC is pleased to announce the Company’s Interim Results for the six month period ended 30 June 2012.
SUMMARY
CHAIRMAN’S STATEMENT
In an extremely challenging trading environment, with intense competitive activity, your Company continues to thrive. We have attracted important new customers, retained all our critical accounts and listings, significantly improved our trading performance and are continuing to build the Chapel Down brand into a very valuable asset. English wines are firmly in the ascendancy and Chapel Down is at the vanguard.
We have continued to improve the brand experience at our retail and tourism facility at Tenterden and our new partners, the Swan are proving to be outstanding at delivering great value and great food. If you have not visited our facility at Tenterden before, then I would urge you to do so to experience the professionalism and passion that is driving the industry forwards. The benefits to shareholders have been improved and we offer great discounts on wine, beer, food, tours and gifts.
In the six months to June 2012, the Group made a pre-tax profit of £79,982 compared to £38,851 in the 6 months to June 2011, an increase of 106%.*
Turnover increased by 34% to £2.15m with a gross profit of £0.87m (a 41% gross profit margin). It has been a constant theme in my statements to say that demand for our wines exceeds our ability to supply and in 2012 this has been even more so. It is our mission to ensure that this remains the case even as we increase supply and we will continue to invest in our brand to ensure our continued success.
Discussions continue with existing and new growers to increase their acreage of vines to fuel future sales of high quality, high margin wines, whilst over the coming years we await the shake out of new entrants who have planted speculatively.
Further awards, along with the extensive and very positive press coverage continued to build our reputation for high quality and professionalism.
We are unashamedly a brand-led business and we aim to build Chapel Down into a very valuable asset. We partner with some of England’s great chefs, including Gordon Ramsay, Gary Rhodes and Jamie Oliver as well as some of the UK’s leading retailers such as Majestic, Morrison’s, Marks and Spencer, Waitrose and Selfridges to ensure the brand is in the right places to sell and be seen. Indeed, we are proud and excited to be sole wine and beer suppliers to Jamie Oliver’s exciting new Union Jacks restaurants concept. We worked with the official Olympic suppliers of wine – Bibendum – to supply Chapel Down over the Olympic period to Olympic and other venues. We have also been exporting our wines to UAE, Japan, Finland, Hong Kong and France.
Curious Brew beer won The International Beer Challenge Gold Medal in 2012 – an outstanding achievement for such a young brand. As a result, demand for the beer is rising even more rapidly and we are already on trial in Mitchell and Butler pubs as well as a number of highly prestigious bars and restaurants across the South East.
The undoubted growth in the value of our brand is also supported by strong net tangible assets. The quality of the wines we have in stock (at cost) has never been higher, more valuable or saleable. The property and other hard assets of the business are all sound and well maintained.
The 2012 crop is still somewhat uncertain owing to the prolonged wet early summer. However, our vineyards and partner vineyards are well sited and well managed and suffered far less than vineyards in other parts of the country. We are cautiously optimistic that we will still manage to maintain at least last year’s crop level.
Your Board remain confident that with such a strong brand, the prospects for the company are excellent.
Paul Brett
Chairman
*Excludes the effect of the FRS20 share option accounting adjustment.