Virgin Wines has posted a pre-tax loss of £700k for year ended 30th June 2023, from the £5.1m pre-tax profit it generated in the prior year. Sales had also fallen by slightly over ten per cent to £59m, with gross margins impacted by inflation.
During the year it had entered into partnerships with WHSmith Travel, Saga, OnTheMarket and Go Outdoors and revenue from its partnership operations had contributed 11.6 per cent of total sales, up marginally from the previous year.
The business remains upbeat saying that its disciplined approach led to the recruitment of 91.5k new customers during the period and that it was expecting double digit sales growth in the curent year and improved EBITDA.
CEO Jay Wright said: “Looking ahead, the implementation of a number of exciting new strategic initiatives following the completion of our business review earlier in the year will support our resilience, enhancing our ability to cater to a wider range of customers. More broadly, we remain confident in our longer-term prospects given the strength of the customer proposition and our proven business model.”
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