Virgin Wines set to be post lockdown “e-commerce winner” with double digit revenue growth
Wine subscription service Virgin Wines has announced it is optimistic about continued growth post lockdown following its latest trading update.
In a trading update for the year ending June 30 2021, the firm saw revenues of £73.8 million - an increase of 30 per cent over FY20 and a 74 per cent increase over FY19.
In addition, the company’s customer base grew year-on-year by 24 per cent, and is up 44 per cent since the start of 2020.
Jay Wright, chief executive officer, commented: “FY21 has been a transformational year for Virgin Wines delivering significant growth in our revenue, our profit and our customer base.
“This has been achieved whilst successfully listing the business on AIM and navigating the operational complexities that comes with significant growth in a COVID world. Over this period, keeping our people safe alongside maintaining the outstanding service levels our customers are so used to, has been a priority.
He added: We finish FY21 in excellent shape and in a stronger position than ever to continue our growth.
“Whilst we will all be watching with interest consumer trends that may develop over the coming year, we have seen nothing but encouraging signs over recent months that the customers we have acquired are staying loyal, our subscription schemes are as robust as ever and that our ability to attract new customers at a competitive cost per recruit remains.
“I strongly believe the strength of our business model, with our consistent and proven ability to deliver increased profit in tandem with increased revenue, places us in an advantageous position when it comes to being a long-term e-commerce winner in a post lockdown world.”
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