Chapel Down reports rise in sales, appoints new chair
By Josh White
Date: Thursday 31 Jul 2025
(Sharecast News) - Chapel Down Group reported an 11% increase in net sales revenue on Thursday, to £7.9m for the six months ended 30 June, underpinned by strong off-trade performance and growing international sales.
The AIM-traded English winemaker also announced a leadership transition, with chair Martin Glenn set to step down in September and be succeeded by major shareholder Michael Spencer.
Growth in the first half was driven by a 30% rise in off-trade sales to £3.8m, aided by new retail listings, improved shopper marketing, and a successful Easter promotional programme.
On-trade revenue rose 3% to £1.2m, while international sales grew 17% to £0.5m, supported by a new US distribution partnership with Jackson Family Wines and a new agreement in Norway.
Direct-to-consumer sales declined 7% to £2.4m due to the absence of one-off promotional activity seen in the prior year.
Despite the drop, sparkling wine remained the company's strategic focus, accounting for 70% of total revenue.
Net debt increased to £11.3m from £9.2m at year-end, reflecting investment in new vineyard plantings and increased inventory levels from the 2024 harvest.
The company noted it retained significant headroom under its £20m revolving credit facility.
"Chapel Down entered 2025 with strong momentum, and I am delighted that this has continued through the first half of the year," said chief executive James Pennefather.
"With over 1,000 acres of vines now planted and as the leading brand in English wine, we continue to invest for future growth."
He added that the group remains confident of achieving full-year market expectations, supported by favourable growing conditions and strong off-trade sales momentum heading into the second half.
Separately, Chapel Down confirmed that Martin Glenn would step down as chair and director in September, following an orderly handover.
Glenn had led the board since 2020, overseeing the group's transformation into a focused sparkling wine business and its listing on AIM in 2023.
"It has been a privilege to serve as Chair during such a transformative period for Chapel Down," Glenn said.
"The business is in excellent health, with a strong executive team and a clear, profitable growth strategy."
The board said it intended to appoint Michael Spencer, founder of ICAP and Chapel Down's largest shareholder with a 27.3% stake, as Glenn's successor.
Spencer had served as a non-executive director since 2023.
Michael Spencer said he looked forward to "building on this momentum," and welcomed the appointment of Simon Litherland, former CEO of Britvic, who would join the board as an independent non-executive director in August, subject to regulatory approvals.
At 1047 BST, shares in Chapel Down Group were down 4.12% at 42.67p.
Reporting by Josh White for Sharecast.com.
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