LONDON (ShareCast) - (Sharecast News) - English winemaker Chapel Down has announced the departure of its chair Martin Glenn after five years at the helm as it reported results for the first half and delivered a confident outlook.
Glenn has stepped down as chair and director of the board, effective immediately, the company said, with board member Michael Spencer appointed as his replacement.

Spencer, who is the founder of financial firms ICAP and NEX, has been on the board of the winemaker since 2023.

"With his exceptional track record in shareholder value creation and deep understanding of our business, Chapel Down will be in very capable hands," Glenn said in a statement.

The appointment came as the company delivered a confident outlook for the rest of 2025, with this year's warm summer providing ideal growing conditions and resulting in a "high-quality vintage at an above-average yield".

Since its last shareholder update in July, trading has remained robust, especially in the off-trade channel, the company said.

Net sales revenues over the six months to 30 June were up 11% at £7.93m. However, a drop in the gross margin to 46.1% from 48.0% and a lower fair value adjustment to biological produce (£0.2m compared with the £0.8m recorded last year), resulted in adjusted EBITDA sinking 23% to £1.23m.

On a reported basis, the company registered a loss before tax of £0.69m, compared with a profit of £0.04m the year before.

However, Chapel Down said: "The board remains confident in achieving market expectations for 2025 FY, thereby delivering strong sales growth and a return to full profitability."

Shares were up 7.1% at 45p by 1000 BST.

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