The Board of Gusbourne Plc (AIM: GUS) is pleased to announce its audited results for the year ended 31 December 2022.
Continuing strong growth in net revenue, with net revenue up 49% at £6,243,000, and Adjusted EBITDA loss narrowed to £1,131,000, a 22% reduction from the prior period.
Highlights of 2022 include
• Net revenue* up by 49% to £6.24m (2021: £4.19m) with strong growth across the Group's three main distribution channels:
• UK Trade sales up by 53% (2021: 177%) to £3.06m (2021: £2.00m)
• Direct to consumer ("DTC") net revenue which includes tours and related cellar door operations in Kent, was up by 29% (2021: 96%)to £1.71m (2021: £1.32m)
• International sales up by 78% (2021: 23%) to £1.39m (2021: £0.78m)
• A five-year CAGR (compound annual growth rate) in net revenue of 44% (2021: 46%)
• Gross profit margin at 59.2% (2021: 55.9%)
• Adjusted EBITDA** loss narrowed to £1.13m (2021: £1.45m)
• Acquisition of a further 55 hectares of freehold land for £1.7m, contiguous with the Group's existing Kent vineyards. The Group is planning to plant most of this new land with new vineyards in 2024
• £6.0m increase of long term asset backed financing facility from PNC from £10.5m to £16.5m
• Ongoing success in international and UK wine competitions with a record number of awards for its wines, including a record number of gold medals
* Net revenue represents Revenue after deducting excise duties
** Adjusted EBITDA means profit/(loss)from operations before aborted planning and capital expenditure write-off, fair value movement in biological produce, interest, tax, depreciation and amortisation.
Charlie Holland, Chief Executive Officer and Chief Winemaker, said:
"I am pleased to report another excellent performance in 2022 where Gusbourne delivered further significant growth and execution of our strategy. Despite a challenging macroenvironmental backdrop, we have continued to see significant consumer demand for Gusbourne wines, reflecting the luxury status of the Gusbourne brand and the underlying growth of the dynamic English wine sector.
"We have seen strong revenue growth across all our sales channels, both in the UK and internationally, as the quality of Gusbourne's wines continue to gain praise and critical recognition, further cementing our excellent reputation. At the same time, price / mix was a positive driver of our gross margin.
"With these strong results, a fantastic harvest in 2022, the purchase of new land during the year and healthy inventory levels in our cellars, the Board continues to look to the future with great confidence as we further strengthen our position as one of the UK's most significant fine wine producers."
Annual General Meeting
The Company's annual report and accounts for the year ended 31 December 2022 will be posted to shareholders on Wednesday 7 June 2023, together with notice of the Annual General Meeting to be held at 12pm on Thursday 29 June 2023 at the offices of Fieldfisher LLP at Riverbank House, 2 Swan Lane, London EC4R 3TT.
Read the full announcement here.
For further information contact:
+44 (0)12 3375 8666
Panmure Gordon (UK) Limited (Nomad and Sole Broker)
Hugh Rich / James Sinclair-Ford
+44 (0)20 7886 2500
Kate Hoare / Ben Robinson / India Spencer
+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.