The Board of Gusbourne Plc (AIM: GUS) is pleased to announce its audited results for the year ended 31 December 2023.
Robust net revenue growth, up 13% at £7.1m, gross profit up 30% at £4.8m and Adjusted EBITDA loss narrowed to £0.7m, a 41% reduction from the prior period.
Highlights of 2023 Include:
- UK wine sales growth up by 16.5% to £4.9m (2022: £4.2m), maintaining strong double-digit sales growth across our direct to consumer ("DTC") and UK Trade sales channels, in spite of the challenging macroeconomic environment in the second half of 2023.
- Net revenue* up by 13.0% to £7.1m (2022: £6.2m) with strong growth across the Group’s three main distribution channels:
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- UK Trade sales up by 13% (2022: 53%) to £3.5m (2022: £3.1m)
- Direct to consumer (“DTC”) net revenue which includes tours and related cellar door operations in Kent, was up by 18% to £2.0m (2022: £1.7m)
- International sales up by 7% (2022: 78%) to £1.5m (2022: £1.4m)
- A five-year CAGR (compound annual growth rate) in net revenue of 41% (2022: 44%)
- Gross profit up by 30% to £4.1m (2022: £3.7m) with margin significantly improved at 68.2% (2022: 59.2%)
- Adjusted EBITDA loss narrowed to £0.7m (2022: £1.1m)
- Ongoing success in international and UK wine competitions with an impressive number of awards for its wines, including gold medals and trophies
Jonathan White, Chief Executive Officer, said:
“2023 saw significant financial, operational and strategic progress for Gusbourne resulting in another year of double digit revenue growth. Good performances were achieved across all three of the Group’s distribution channels as we continue to expand our customer base both in the UK and overseas, reinforcing the Gusbourne brand as a leading light in the dynamic and fast growing English fine wine market.
“Trading in 2024 has continued in line with our expectations. Whilst the macro-economic environment remains complex with subdued consumer confidence still causing hesitancy and cautiousness in many markets, consumer interest in Gusbourne and English wine generally continues to grow across the globe, strengthening our confidence in the Group’s future prospects.
“We expect to benefit from increased supply and inventory in the year ahead as our wines produced from mature vineyard holdings have aged in the cellar, and the ongoing expansion of our international presence, with two new markets already opened in 2024. In 2023 we harvested our biggest yield to date with Chardonnay, Pinot Noir and Pinot Meunier grapes showing fine expressiveness and we expect them to produce some outstanding wines, which will be bottled during the summer of 2024, further adding to our inventory levels for sale in future years.
“I was absolutely thrilled to be appointed Chief Executive Officer in January 2024 and am excited to be leading the business at this poignant moment for the industry. I have thoroughly enjoyed my five and half years with Gusbourne and am relishing the prospect of driving this special business forward into the future, implementing our vision and growth strategy.”
Annual General Meeting
The Company’s annual report and accounts for the year ended 31 December 2023 will be posted to shareholders on Thursday 23 May 2024, together with notice of the Annual General Meeting to be held at 11am on Friday 14 June 2024 at the offices of Fieldfisher LLP at Riverbank House, 2 Swan Lane, London EC4R 3TT.
Read the full announcement here.
For further information contact:
Enquiries:
Gusbourne Plc
Jonathan White, CEO
Katharine Berry, CFO
Phil Clark, Investor Relations
+44 (0)12 3375 8666
Panmure Gordon (UK) Limited (Nomad and Sole Broker)
James Sinclair-Ford / Hugh Rich
+44 (0)20 7886 2500
Media:
Houston
Kate Hoare / Ben Robinson / India Spencer
gusbourne@houston.co.uk
+44 (0)20 4529 0549
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.