Virgin Wines gross sales rise regardless of ‘subdued’ financial backdrop

On Jan 22, 2024

Updated: 22:01, 22 January 2024

Festive tipple: Virgin Wines reported total revenues increased 2% to £34.3m over the six months to December 29

Festive tipple: Virgin Wines reported whole revenues elevated 2% to £34.3m over the six months to December 29

Virgin Wines noticed gross sales rise regardless of a ‘subdued’ financial backdrop for customers.

The firm reported that whole revenues elevated by 2 per cent to £34.3million over the six months to December 29, in contrast with the identical interval the earlier yr.

Chief government Jay Wright stated the net wine retailer goes into 2024 ‘encouraged’ by its current efficiency ‘despite a subdued consumer economic landscape’.

Wright added the agency noticed a ‘significant improvement’ in profitability after modifications in its warehouse operations and reductions to supply and logistics prices.

Earnings greater than doubled to £1.75million for the half-year. The firm swung to a pre-tax lack of round £700,000 within the earlier monetary yr after being hit by price inflation and teething issues in its new warehouse programs.

Wright stated: ‘We are pleased with our performance through the first half of our financial year, particularly our strong profitability despite the challenging trading environment.’

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