Festive tipple: Virgin Wines reported total revenues increased 2% to £34.3m over the six months to December 29
Virgin Wines saw sales rise despite a ‘subdued’ economic backdrop for shoppers.
The company reported that total revenues increased by 2 per cent to £34.3million over the six months to December 29, compared with the same period the previous year.
Chief executive Jay Wright said the online wine retailer goes into 2024 ‘encouraged’ by its recent performance ‘despite a subdued consumer economic landscape’.
Wright added the firm saw a ‘significant improvement’ in profitability after changes in its warehouse operations and reductions to delivery and logistics costs.
Earnings more than doubled to £1.75million for the half-year. The company swung to a pre-tax loss of around £700,000 in the previous financial year after being hit by cost inflation and teething problems in its new warehouse systems.
Wright said: ‘We are pleased with our performance through the first half of our financial year, particularly our strong profitability despite the challenging trading environment.’
