Virgin Wines UK PLC Trading Update (6988X)
May 06 2021 - 1:00AM
UK Regulatory
TIDMVINO
RNS Number : 6988X
Virgin Wines UK PLC
06 May 2021
6 May 2021
Virgin Wines UK plc
("Virgin Wines" or the "Group")
Trading Update
FY21 sales and EBITDA ahead of expectations. Strong customer
demand continues.
Virgin Wines UK plc (AIM: VINO), one of the UK's largest
direct-to-consumer online wine retailers, today provides an update
on trading to date for the year ending 30 June 2021 ("FY21").
The Board is pleased to announce that the strong levels of
customer demand experienced in the first half of the Company's
financial year have been maintained in the second half of FY21 so
far [benefiting from pleasing order frequency among existing
customers and good levels of new customer acquisitions]. As a
result of the continued strong performance, the Board anticipates
revenue and profitability for FY21 will be ahead of its previous
expectations, with turnover for the year expected to be no less
than GBP73m and an improvement in EBITDA margin.
Whilst remaining mindful of the potential impact from the easing
of lockdown restrictions on consumer spending patterns over the
coming months, the Board remains confident that the underlying
growth drivers, which the DTC wine sector is experiencing,
alongside the accelerated shift in consumer behaviour towards
online retailing, will continue. Against this backdrop, the Board
is confident that Virgin Wines, underpinned by its unique customer
proposition and growing, subscription-weighted customer base,
remains well positioned to continue to deliver its growth strategy
and meet the Board's expectations for FY22.
Jay Wright, Chief Executive Officer, 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,
underpinned by our unique wine sourcing model and unrivalled
consumer propositions, alongside our continued focus on all aspects
of the customer experience and growth in our customer base."
Information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
Virgin Wines UK plc Via Hudson Sandler
John Risman, Non-Executive Chairman
Jay Wright, CEO
Graeme Weir, CFO
Liberum Capital Limited Tel: +44 20 3100 2222
(Nominated Adviser and Sole Broker)
Clayton Bush
James Greenwood
John Fishley
Christopher Whitaker
Hudson Sandler virginwines@hudsonsandler.com
(Public Relations) Tel: +44 20 7796 4133
Alex Brennan
Dan de Belder
Lucy Wollam
Notes to editors:
Virgin Wines is one of the UK's largest direct-to-consumer
online wine retailers. More than 90% of its wines by volume are
exclusive and during 2020 the company delivered over one million
cases to its customers. The company also sells a growing range of
beers and spirits as well as having an industry leading gift
service and a thriving corporate sales department.
It is a multi-award-winning business with a reputation for
curating and supplying high quality products, excellent levels of
customer service and innovative ways of retailing.
https://www.virginwinesplc.co.uk/
https://www.virginwines.co.uk/
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END
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