Virgin Wines said it has made “no less than £500,000” in profit in its last financial year which although down on last year, is “in line with expecations”.
The company, which made £5.1m in pre-tax profit last year, said sales had hit £59m in the year ended 30 June, down 14.7%.
However, the online wine retailer acquired more than 90,000 new customers during the year ended 30 June 2023, a 9.2% year-on-year improvement.
Meanwhile, conversion and cancellation rates also trended positively during its fourth quarter, while its premium wine service WineBank saw a seasonal high of customer deposits of £8m at the year-end.
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Virgin Wines said it was making good progress on new initiatives focused on “accelerating its strategic development”.
The company plans to grow its commercial channel and earlier this month signed a new strategic partnership with WHSmith Travel, which will see an “exclusively curated range” of its wines stocked across 39 WHSmith stores.
Virgin Wines CEO Jay Wright said: “Looking ahead, we remain confident in the underlying business model and opportunities for future growth into FY 2024 and beyond.
“We are well-positioned due to the uniquely sourced, high-quality nature of our wines, coupled with our market-leading expertise and strong foundations.”
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