Virgin Wines UK PLC - Norwich, England-based online wine retailer - Says financial year that ended on June 30 was in line with market expectations, with adjusted pretax profit of £500,000 on revenue of £59 million. Both are down from £5.1 million and £69.2 million, respectively, in financial 2022. At the halfway stage of the year, Virgin Wines had reported pretax profit of £100,000, down from £3.2 million a year before, on £33.6 million in revenue, down from £40.6 million.

More positively, Virgin Wines says conversion and cancellation rates trended positively throughout the fourth quarter of the recent year, while customer deposits into the company’s flagship WineBank subscription scheme set a seasonal high of £8 million at the year-end. Virgin Wines acquired 90,000 new customers during the year at a 9.2% lower cost than in financial 2022. The company will release its full annual results in October, at which point it will provide an update on its business review and new initiatives. ‘We remain confident in the underlying business model and opportunities for future growth into FY 2024 and beyond,’ says Chief Executive Officer Jay Wright.

Current stock price: 29.00 pence, flat in London on Monday

12-month change: down 62%

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