Despite the strong performance, underlying earnings (ebitda) fell by 5.1% to £20.7 million, a result of investment into the opening of the company’s Andover storage facility, the largest fine wine storage in Europe.
“This strong set of results is a testament to the hard work of all our colleagues, our producers and partners,” said chief executive Emma Fox.
“This has enabled us to continue to grow the business in a way that will be sustainable for generations to come. We’re very excited about this latest stage in our five-year strategy which we originally laid out in 2021.
“These last few years of sustained growth mean that we are well placed to invest in our continued digital transformation, international expansion, growing our premium brands and acquisition opportunities.”
Beyond the core fine wine and spirits business joint ventures Hotaling and No.3 Gin also enjoyed a strong financial year.
Hotaling, the US-based import and distribution company saw double-digit growth, and No. 3 Gin more than doubled its sales following its joint venture with The Edrington Group.
In 2023, the company acquired a minority stake in The Cotswold Distillery Company and confirmed a 50/50 joint venture acquisition of Hambledon Vineyard alongside Symington Family Estates.
Despite the positive forecast, this week, Fox revealed to The Times that it was witnessing trading down among its consumer base, telling the newspaper: “Although we’re seeing customer numbers growing, we’re seeing some trading down, which means we have to work even harder to be more personalised and targeted. It’s challenging times, but we are seeing customer numbers up, which is fantastic.”
