Source - Alliance News

Virgin Wines UK PLC - Norwich, England-based online wine retailer - Says revenue is flat but profit up sharply in the first half of its financial year, thanks to a strong sales performance during the key Christmas period. Virgin Wines says pretax profit in the six months that ended December 27 is £1.3 million, up 20% from £1.1 million a year before. Earnings before interest, tax, depreciation and amortisation is steady at £1.6 million. Revenue is flat at £34.1 million, compared to £34.3 million, but the company says operational efficiencies reduced its cost per case by 10% during the half year and by 5.4% in December alone.

Sales are up 9% in December from a year before, Virgin Wine says, hitting their highest level since the Covid-19 lockdowns, which had caused more at-home drinking. They are up 2.1% annually in the financial second quarter. The overall UK online drinks market shrank by 5%, the company says, suggesting market share gains for Virgin Wines, which records a 25% increase in new customer acquisition in December from a year before.

Looking ahead, Virgin Wines says results for the full 2025 financial year will be in line with market expectations. Citing a ‘clear market opportunity to consolidate our position as one of the UK’s largest and well capitalised direct-to-consumer online wine retailers’, it says it will discuss a new growth strategy and capital allocation policy with its full interim results in March.

Current stock price: 30.50 pence

12-month change: down 20%

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