Chapel Down Group - Harvest Update
RNS Number : 0168D
Chapel Down Group PLC
17 October 2022
 

 

Chapel Down Group Plc

('CDG' or 'the Company')

EPIC: CDGP

Harvest update

Chapel Down, England's leading and largest winemaker, is pleased to provide an update on its 2022 harvest.

Favourable growing conditions have enabled the delivery of both an exceptional grape quality and yield. Across its 750 acres already under vine, the Company has delivered a record tonnage of its key sparkling wine grapes, Chardonnay, Pinot Noir and Pinot Meunier, as part of a total harvest of over 2,000 tonnes. This compares favourably with last year's, weather affected, harvest of ~1,400 tonnes. This year's harvest is expected to enable the production of approximately 2 million bottles of high-quality sparkling and still wines.

Chapel Down's harvest started at the end of August and has provided an excellent yield, as a result of a long, warm summer coupled with the outstanding terroir of Chapel Down's vineyards and world class viticulture team. The Company's recent investment to extend the winery at Tenterden in Kent will enable the Company to efficiently process the harvest, underpinning greater volumes of sparkling and still wines in 2023 as well as increased stocks of traditional method sparkling wines from 2025.

Chapel Down continues to expand its capacity, to capitalise on the growing English Sparkling wine market, which grew by 29% in 20211. The Company has planted 38 additional acres of vines this year, and expects to plant a further 118 acres in the near-term, meaning the Company will exceed 900 acres by the summer of 2023. The Company continues to look at investments to drive capacity to support its longer-term growth ambitions and, amongst other initiatives, is in active discussions to source new, high quality land for further vineyard plantings.

Andrew Carter, Chief Executive at Chapel Down Group, said: "This exceptional harvest has been achieved thanks to the skill and dedication of our talented team. English wine is enjoying rapid growth as producers like Chapel Down benefit from optimal conditions and sustained investment. Our strong performance in the first half of the year and the bumper harvest we have announced today leave Chapel Down well on track to meet our target to double the size of the business by 2026."

Josh Donaghay-Spire, Chief Winemaker & Operations Director, said: "Early indications were that this harvest would be a strong one and it has not disappointed either on yield or quality. We expect the earlier harvest to result in a riper style of wine akin to that found in the successful 2018 or 2020 vintages, and we are excited to learn what we can achieve with this year's crop.

"Over the last fifty years we have found our feet as a wine region, with England consistently producing world-class wine that wins trophies at international competitions and receives acclaim across the globe. There is now huge potential to build upon the great assets of our climate and exceptional geology and discover how truly great English Wine can be. We are optimistic that this harvest could be the best yet."

1Wines of Great Britain (WineGB) estimates that the English wine market grew to 9.3m bottles in 2021, with the English sparkling wine market growing by +29% to 5.8m bottles in 2021.

 

Contacts

 

Chapel Down Group plc

Andrew Carter

Rob Smith

 

Chief Executive

Chief Financial Officer

 

 

01580 763 033




 

Singer Capital Markets

Shaun Dobson

Tom Salvesen

Asha Chotai

James Fischer

AQSE Corporate Adviser and Broker

 

 

 

020 7496 3000




H/Advisors Maitland

Sam Cartwright

Joanna Davidson

 

 

 

020 73795151

 

About Chapel Down

Chapel Down is England's leading wine producer with an award-winning range of sparkling and still wines. Based in Kent, in the heart of the Garden of England, Chapel Down produces wines of the highest quality and which the winemaker believes offer the best expression of England.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NEXUVVURUNURAUA ]]>