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Virgin Wines full year revenue up 30%

Virgin Wines increased its group revenue by 30% to £73.6 million in the year to 30 June after it benefited from strong customer demand and increased… View Article

FOOD & DRINK

Virgin Wines full year revenue up 30%

Virgin Wines increased its group revenue by 30% to £73.6 million in the year to 30 June after it benefited from strong customer demand and increased investment in customer acquisition.

The retailer said the growth was consistent across all sales channels and business segments as repeat direct-to-consumer revenues climbed by 31.5% and commercial revenue and gift sales rose by 72.8% and 75% respectively.

Meanwhile, adjusted EBITDA increased to £7 million from £4.8 million in the previous year.

During the period, the company grew its active customer base by 24%. It also continued its focus on innovative packaging and new partnerships with the likes of online greeting card and gift retailer Moonpig.

Jay Wright, chief executive of Virgin Wines, said: “FY21 has been a transformational year for the group, starting a new chapter on the public markets and emerging in a stronger financial position.

“Our focus this year has been on acquiring increased numbers of new customers, converting them to become long-term advocates of Virgin Wines, whilst maximising the loyalty of our existing customers, and in turn, driving growth in our overall customer base.”

Giving an update on the current financial year, Virgin Wines said first quarter sales were up 13.3% year-on-year with the number of new customers acquired rising by 10.7%.

Wright added: “Whilst we remain mindful of the potential impact from the easing of lockdown restrictions on consumer spending patterns, recent customer retention data has proven promising and we are confident that Virgin Wines, underpinned by underlying, subscription-weighted growth drivers, its strong brand and unique customer proposition remains well placed to take advantage of future consumer trends.”

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