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Gusbourne reports ‘steady progress’

Published:  01 October, 2018

Gusbourne has said it is showing “steady progress” as it reported results for the six months ended 30 June 2018.

Revenue was up 13% to £429,000 from £378,000 for the same period in 2017, while gross profit increased 25% to £268,000 from £214,000 the previous year.

The company said that there were administrative expenses of £1,03 million (30 June 2017: £746,000) including depreciation of £307,000 (30 June 2017: £220,000) reflecting the increased capital spend.

Excluding depreciation, administrative expenses amounted to £721,000 compared to £526,000 in 2017.

The increase of £195,000 reflected additional staff and other costs required to support the ongoing development and growth of the business, said Gusbourne.

The results for the half year continued to “show steady progress” towards the producer’s goals in line with its strategy to further grow and develop the business in a manner which remains consistent with its long-term aspirations, said Charlie Holland, chief winemaker and chief executive officer.

“We intend to continue to produce and sell a range of vintage wines of exceptional quality from grapes grown in our own vineyards,” he said.

The company revealed an operating loss for the period at £734,000 (30 June 2017: £549,000), and EBITDA (operating loss before depreciation and amortisation) amounted to a loss of £427,000 (30 June 2017: EBITDA loss of £329,000)

The company said these planned losses continued to be in line with management’s expectations at this stage of its production and sales maturity.The majority of the group’s mature vineyards are located at its freehold estate at Appledore in Kent where the winery is also based. The group has a total of 231 acres of vineyards.