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Armit Wines reveals strong 2021 financial results

Published:  08 April, 2022

Armit Wines, one of the UK’s leading contemporary wine merchants, has today announced its impressive financial results for 2021.

Following quality sales campaigns, the results of which will continue to be realised in next year’s financial report saw Armit’s net profit increase by nearly £2m over two years to just over £1.3m.

The company has also announced that turnover increased by 7% to £22 million compared to the previous 12 months, and gross profit increased from 22.7% to 25.4% (1.8% pts based on a 12-month comparison) after successful En Primeur campaigns.

Brett Fleming, Armit Wines MD, commented: “We are incredibly proud of our results for the year ended September 2021. We are in the second year of exponential growth in what has been a tumultuous few years for many in the trade. Our results highlight that our strategy to focus on quality, alongside investing in more efficient routes to market and developing our sales channels, is working well.

The company also saw an increase in its customer base and added a number of new high-quality suppliers, such as Elena Walch, Viticoltori De Conciliis, both from Italy, Mendel Wines from Argentina, with more on the way to broaden its offering of estate-grown and family-focused domains.

Fleming added: “This business model is proving sustainable, and we are already in a strong position in the early stages of our new fiscal year. Building on our current position and continuing our plans for even greater efficiency sets us well on track to reach our turnover targets for the next two to five years of £30m and beyond.”