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Virgin Wines confident of post-pandemic trading

Online wine retailer Virgin Wines UK has said it achieved a positive end to its financial year ending 30 June and that it now anticipates that… View Article

FOOD & DRINK

Virgin Wines confident of post-pandemic trading

Online wine retailer Virgin Wines UK has said it achieved a positive end to its financial year ending 30 June and that it now anticipates that full year revenue and EBITDA will be marginally higher than previous expectations.

The company is forecasting that revenue will increase to £73.8 million from £56.6 million in the prior year. In addition, EBITDA is expected to rise by 45% to £6.4 million.

During the year, the retailer benefited from an uplift in its customer base  which increased by 24% year-on-year and by 44% since the start of 2020.

Jay Wright, Virgin Wines UK chief executive, said: “FY21 has been a transformational year for Virgin Wines delivering significant growth in our revenue, our profit and our customer base. This has been achieved whilst successfully listing the business on AIM and navigating the operational complexities that comes with significant growth in a Covid world. Over this period, keeping our people safe alongside maintaining the outstanding service levels our customers are so used to, has been a priority.”

Looking ahead, the company said the positive sales momentum has continued into July despite the Government’s lifting of lockdown restrictions and the opening up of hospitality across England.

Wright added: “I strongly believe the strength of our business model, with our consistent and proven ability to deliver increased profit in tandem with increased revenue, places us in an advantageous position when it comes to being a long-term e-commerce winner in a post lockdown world.”

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