Virgin Wines boosted by strong customer demand
Virgin Wines has said it anticipates that revenue and profitability for the year to 30 June will come in ahead of expectations.
In a trading update, the online wine retailer said the strong demand experienced in the first half of the period had continued into the second. As a result, it now expects turnover for the year to be no less than £73 million and that there will be an improvement in EBITDA margin.
The company has benefited from a shift to online shopping during the Covid-19 pandemic and has grown its subscription-weighted customer base.
Jay Wright, Virgin Wines chief executive, said: “The strong sales momentum delivered in the first half of the financial year has continued into H2 so far. We have been encouraged by the strong customer demand for our wines, alongside growth in our new range of beers and spirits, driven by the ongoing shift in consumer behaviour towards online retailing.
“I would like to thank all of our loyal customers and partners for their continued support in what has been a transformational year for Virgin Wines, having listed on AIM. The group remains well positioned to continue to deliver on our long term growth strategy.”
