Unaudited results for the period ended 30/06/2026

Summary by AI BETAClose X

Chapel Down Group plc has announced unaudited results for the period ended June 30, 2026, with the Board now expecting full-year Adjusted EBITDA to be materially ahead of market expectations and net debt to be lower. The company reported a strong first half with net sales revenue up 19% to £9,428,000, driven by a 26% increase in Traditional Method Sparkling wines, and gross profit rose 28% to £4,672,000, with gross margin improving to 49.6%. Adjusted EBITDA increased by 27% to £1,313,000, and net debt decreased by 24% to £13,978,000. The company also noted encouraging international growth, particularly in the US, and increased investment in marketing has reinforced its brand leadership.

Disclaimer*

Chapel Down Group PLC
23 September 2026
 

This announcement contains inside information for the purposes of the retained UK version of the EU Market Abuse Regulation (EU) 596/2014 ("UK MAR").

23 September 2026

Chapel Down Group plc

(‘CDGP’ or ‘the Company’)

UNAUDITED RESULTS FOR THE PERIOD ENDED 30 JUNE 2026

Focused execution against clear Strategic Priorities translating into continued strong financial performance:

  • As a result of continued strong performance in Q3 FY26 and confidence in trading plans for Q4, the Board now expects FY26 Adjusted EBITDA1 to be materially ahead of market expectations. Net debt is also expected to be lower than market expectations.
  • Strong H1 net sales revenue growth of 19%, with broad-based growth across all channels and premiumising our portfolio with 26% growth of Traditional Method Sparkling wines.
  • Increased investment in marketing has reinforced brand leadership position within fast-growing English Sparkling Wine sector in UK, with continued share gain in key Off-Trade channel.
  • Encouraging growth in international markets, particularly the important and developing US market.
  • Improved profitability at gross margin (+3.5 ppts) and Adjusted EBITDA1 (+27%) level.

 

£’000

H1 2026

H1 2025

Change %

Net sales revenue

9,428

7,928

+19%

Gross profit

4,672

3,657

+28%

Gross margin

49.6%

46.1%

+3.5 ppts

Adjusted EBITDA1

1,313

1,031

+27%

Loss before tax

(551)

(687)

+20%

Loss before tax (excluding fair value adjustment to biological produce)

(551)

(889)

+38%

 

 

 

 

Stock (excluding Biological Produce)

29,372

25,566

+15%

Net debt (excluding lease liabilities)

(13,978)

(11,310)

-24%

Operating cash flow

565

(437)

 

 

 

 

 

Planted vineyards in acres

1,018

1,018

 

Productive vineyards in acres

897

777

+15%

 

 

 

 

Diluted loss – pence per share

(0.28)

(0.33)

+15%

Net asset value – pence per share

19.0

18.8

+1%

Note 1: In addition to the statutory measures, the Board also measures its performance by reference to Adjusted EBITDA. Adjusted EBITDA relates to profit from operations before interest, tax, depreciation, amortisation, share-based payment expense, exceptional items and fair value adjustments. Also see Note 4 to the Financial Statements below.

Financial Highlights

  • Net sales revenue growth achieved in all channels, with Off-Trade and On-Trade channels both up by 18%, supported by strong spring and summer campaign activations, and International up by 66% driven by performance in the US market.
  • Gross margin improvement of 3.5 ppts driven by increased mix of Traditional Method Sparkling wines, which now represent 74% of total wine sales (H1 2025: 70%), and the sale of wines from vintages with lower Cost of Goods Sold (COGS).
  • Adjusted EBITDA1 (exc. fair value adjustment to biological produce) increased 27% leading to an improvement in underlying cash flow.
  • Net debt increased by £2.7m in line with Capital Allocation policy to invest in maturing stocks (inventories increased by £3.8m) to underpin future growth. Revolving Credit Facility was increased from £20m to £25m with a further accordion to £30m which provides ample headroom for growth.

Strategic Highlights

  • 13 Gold awards for quality won to date this year (FY25: 9), including 2 Best in Show trophies2.
  • Increased brand investment with prestigious new partnerships signed (the Jockey Club and the Royal Philharmonic Orchestra); introduced new seasonal marketing campaigns which reinforced category leadership with brand awareness at 46% (H1 2025: 46%)3; and grew Off-Trade market share to 37% (H1 2025: 35%) in an English Sparkling Wine category which showed growth of 14% over the last 12 months4.
  • Investment at Brand Home in Tenterden with the launch of The Hythe tasting room ahead of our 50th Anniversary since first vines planted in 1977.
  • Sustained channel footprint expansion with new distribution won, including in convenience grocery formats and 250 Whole Foods stores in the US; and prestigious On-Trade outlets, including Gordon Ramsay Group and Handpicked Hotels.
  • Investments already made in our vineyard assets now bearing fruit: Boxley Abbey is now fully productive in 2026 and Buckwell is on track for 2027.

 

Outlook

  • Trading performance: There has been continued growth momentum into Q3. In addition, continued premiumisation into TMS and activation plans in place for Q4, including strong distribution gains already confirmed, mean the Board now expects stronger gross profits for the full year 2026. The Board expects this to translate to a material improvement in Adjusted EBITDA1 (exc. fair value adjustment to biological produce) of at least 10% compared to market expectations.
  • Net debt: It is anticipated that trading performance and more effective inventory planning of our maturing sparkling wines should reduce working capital requirements this year, alongside less capital expenditure than originally planned for. The Board therefore expects net debt to be lower at 31st December 2026 compared to market expectations.
  • Harvest: With over 50% of the harvest now completed, the Board believes the 2026 vintage will be of high quality and with a yield (tonnes per acre) of c.10% lower than the 5 year average. The non-cash uplift from the fair value adjustment to biological produce is therefore likely to be immaterial. A further update on the harvest will be given once final yields are confirmed.

*Note: Immediately before publication of this announcement, the Board believes that market expectations for the year ending 31 December 2026 to be net sales revenue of £22.1m, Adjusted EBITDA1 (exc. fair value adjustment to biological assets) of £3.7m, profit before tax of £0.2m and net debt of £16.2m.

 

James Pennefather, CEO, commented:

“The continued momentum seen during the first half of the year reinforces our confidence in the long-term opportunity for Chapel Down in this exciting growth category. English Sparkling Wine continues to benefit from positive tailwinds including adoption of the category by Millennials, expansion of demand outside traditional formal Champagne occasions and the impact of a warmer climate.   

“We are delighted with the continued progress our team has made during the first half of the year. We have seen growth across all channels, increasing market share and continued momentum in our strategic Traditional Method Sparkling portfolio which demonstrate the benefits of the investments we have made in the Chapel Down brand, our routes to market and our asset base.

“As well as strengthening our leadership position within the English Sparkling Wine category, and making encouraging progress internationally, our sales mix continues to premiumise. These results provide further evidence that our strategy of focusing on Traditional Method Sparkling is delivering results, and our Board remains keen to capitalise on this in future."

Michael Spencer, Chair, commented:

“The Board is pleased with the progress achieved during the first half of the year. Strong revenue growth, improved profitability and continued strategic execution have further strengthened the Group's position.

“Chapel Down benefits from a leading brand, a high-quality asset base and a disciplined approach to capital allocation, providing a strong platform for sustainable long-term growth and creating value for our shareholders."

Note 2: The following accolades were received after 30 June 2026, but before 23 September 2026: Grand Reserve 2019 - Gold (Global Travel Retail Masters 2026); Kit's Coty Blanc de Blancs 2019 - Gold (Global Travel Retail Masters 2026); Traveller's Edition Brut - Gold (Global Travel Retail Masters 2026); Traveller's Edition Rosé – Gold (Global Travel Retail Masters 2026).

Note 3: Source: Savanta, BrandVue, Sparkling wine drinkers, MAT end June 2026 and June 2025.

Note 4: Chapel Down sparkling wine growth was +20% compared to English Sparkling Wine category growth at +14%. Chapel Down remains the market leader in the English Sparkling Wine category with 37% market share across the Off-trade channel (H1 2025: 35%). Source: NIQ UK Off Trade Sparkling Wines – MAT to 11/07/2026.

 

CEO STRATEGIC UPDATE

I am delighted to report continued double digit growth momentum as Chapel Down works towards its ambition of winning an equivalent 1% share of the global Champagne market by 2035. We continue to execute against a strategy which is focused on three priorities: enhancing the value of the Chapel Down brand, expanding our routes to market and allocating capital with discipline to support long-term value creation.

Brand Value Enhancement

The first half saw further progress in strengthening Chapel Down's position as the leading English Sparkling Wine brand, supported by increased marketing investment to drive awareness of the brand proposition and continued premiumisation of the portfolio.

During the period, Chapel Down’s existing sponsorships continued to deliver: sales at the Boat Race increased more than 200% and consumer sales grew 45% at Royal Ascot. We also entered into new associations with two iconic British institutions: the Jockey Club and the Royal Philharmonic Orchestra.  We activated a partnership with the Mayfair House Group in Covent Garden during English Wine Week and delivered a successful Taste of England PR campaign, showcasing the best of English homegrown flavours. Media spend increased by 14%. This resulted in Chapel Down retaining its brand leadership position in terms of Brand Awareness at 46% (H1 2025: 46%)3, with encouraging growth seen in London and amongst affluent Millennials.

The continued strength of consumer demand was also reflected in the net sales revenue performance of our Traditional Method Sparkling portfolio, which grew by 26% during the period and represented 74% of wine sales revenue (H1 2025: 70%). This continued mix improvement supports our premiumisation strategy and demonstrates growing consumer demand for premium English Sparkling Wine.

The quality of our wines also continued to receive recognition through success at leading international wine competitions with 13 prestigious gold accolades and 2 trophies won during 2026 to date2, further strengthening Chapel Down's reputation as a producer of world-class sparkling wines.

Sustainable Channel Expansion

Our second strategic priority is to drive sustainable growth through expanded distribution, increased consumer penetration and the further development of scalable routes to market in the UK and internationally.

We are delighted to have delivered strong growth across all our B2B trade channels during the first half and made good progress with our Direct-to-Consumer channels.

In Off-Trade, Chapel Down continued to outperform the category as we activated a “Here’s to English Summertime” campaign in selected stores, including a flagship execution at John Lewis in Oxford Street during English Wine Week. Sparkling wine sales increased by 20% over the period, ahead of category growth of 14%4, resulting in further market share gains and increasing our share of the English Sparkling Wine category to 37%4. Distribution expanded to almost 2,500 stores, driven by new listings in Tesco’s convenience stores and increased presence within existing customers.

In On-Trade, we continued to increase availability and visibility. Unique outlet distribution increased by 6% to 2,750 and by-the-glass listings grew by 16%, supporting consumer trial, expanding access to the category and encouraging broadening of occasions for consumers to enjoy English Sparkling Wine. New listings at premium operators, including The Gordon Ramsay Group and Handpicked Hotels, reflect the effectiveness of our commercial execution and the growing appeal of the Chapel Down brand within premium hospitality venues.

Internationally, we have made significant progress in building a scalable platform for future growth. Revenue increased by 66% to £0.8m, driven primarily by continued momentum in the United States with our importer Jackson Family Wines. Distribution in the US expanded from 11 states a year ago to 31 states during the period and Chapel Down secured a significant listing for 250 Whole Foods stores.

Direct-to-consumer remains strategically important as it enables us to build direct relationships with consumers whilst strengthening brand engagement and loyalty. eCommerce revenue increased by 12% to £1.5m during the period and we acquired over 3,800 new customers, providing a broader platform for future growth.

A significant milestone during the first half was the opening of The Hythe tasting room at our Brand Home in Tenterden. The Hythe enhances the visitor experience, increases capacity, and expands our premium tourism offering. Importantly, it allows us to deepen engagement with consumers and corporate guests through a premium brand experience which supports our ambition to grow higher-value direct-to-consumer revenues over time.

Disciplined Capital Management

Our approach to capital allocation remains unchanged and we continue to focus on investments that strengthen the Chapel Down brand, support premiumisation, expand distribution and ensure sufficient maturing stocks to underpin our growth plan.

The investments made across our vineyard estate, winery infrastructure and commercial platform over recent years continue to provide a strong foundation for future growth. With a robust inventory balance and strong consumer demand for Chapel Down’s wines, the business’ exposure to individual harvests has significantly reduced in recent years. As a result, our focus is increasingly on leveraging these assets more effectively to drive profitable growth.

The opening of The Hythe is a good example of this approach, extending the value of our tourism and hospitality platform whilst enhancing consumer experience. More broadly, the growth delivered across our sales channels during the first half demonstrates the benefits of investments already made and the scalability of the business.

As expected, we continued to invest in maturing Traditional Method Sparkling inventories to support future demand growth, which is funded by our revolving credit facility. This facility was extended from £20 million to £25 million, providing additional financial flexibility and ensuring we remain well positioned to support future opportunities.

Outlook

The first half of 2026 demonstrated the benefits of our disciplined strategy and the investments we have made across our brand, routes to market and high-quality assets. Trading momentum has continued into the second half, supported by encouraging consumer demand, planned commercial activations and distribution gains already secured. As a result, the Board now expects stronger gross profits for FY 2026 to translate to a material improvement in Adjusted EBITDA1 (exc. fair value adjustment to biological produce) of at least 10% compared to market expectations prior to the release of this announcement, while net debt is expected to be lower than market expectations. While the wider economic environment remains mixed, the long-term opportunity for premium English Sparkling Wine remains attractive. Chapel Down continues to benefit from a strong brand, leading market position, established routes to market and an established high-quality asset base. We remain focused on delivering sustainable growth and creating long-term value for shareholders.

 

FINANCIAL REVIEW

Net Sales Revenue (“NSR”) performance

NSR (£’000)

H1 2026

H1 2025

Change %

Off-trade

4,439

3,771

+18%

On-trade

1,472

1,243

+18%

International

826

499

+66%

eCommerce

1,536

1,372

+12%

Retail, Events and Tours

859

851

+1%

Other income

296

192

+54%

TOTAL

9,428

7,928

+19%

Of which is DTC

2,482

2,376

+4%

DTC % of Net Sales Revenue

26%

30%

-4 ppts

 

NSR (£’000)

H1 2026

H1 2025

Change %

Traditional Method Sparkling wine (“TMS”)

6,541

5,211

+26%

Still and other wines

2,249

2,245

-

Total wine sales

8,790

7,456

+18%

Non-wine sales

638

472

+35%

Total NSR

9,428

7,928

+19%

TMS as % of total wine sales

74%

70%

+4 ppts

 

The Group's revenue mix remains well balanced, with increasing diversification across channels and continued growth in TMS wine sales.

  • Off-Trade revenue increased by 18% to £4.4m (H1 2025: £3.8m), remaining the largest contributor to the Group’s revenue at 47% (H1 2025: 48%). Growth was delivered through the activation of our “Here’s to English Summertime” campaign and increased distribution.
  • On-Trade revenue increased by 18% to £1.5m (H1 2025: £1.2m), reflecting continued expansion within premium hospitality operators and the annualisation of distribution gains secured during the prior year.
  • Direct-to-Consumer revenue increased by 4% to £2.5m (H1 2025: £2.4m). Growth was driven by continued momentum in eCommerce and tourism experiences, partially offset by softer performance in event-related activities due to the unexpected cancellation of some third party festivals.
  • International revenue increased by 66% to £0.8m (H1 2025: £0.5m), reflecting significant momentum in the US market and growing contributions from our Global Travel Retail and international distribution network.
  • Other income increased by 54% to £0.3m (H1 2025: £0.2m) and included bulk wine sales that are not deemed a core part of Chapel Down’s business. No bulk wine sales were made in the same period in 2025.
  • TMS net sales revenue increased by 26% to £6.5m (H1 2025: £5.2m), while revenue from still and other wines remained robust at £2.2m (H1 2025: £2.2m). As a result, TMS now represents 74% of wine sales revenue (H1 2025: 70%), reflecting the continued premiumisation of our portfolio towards higher-margin sparkling wines.

 

Profitability

  • Gross profit increased by 28% to £4.7m (H1 2025: £3.7m), with gross margin increasing by 3.5 ppts to 49.6% (H1 2025: 46.1%). This improvement reflects the continued premiumisation of the product mix as well as a more favourable vintage cost from the exceptional 2023 harvest, slightly offset by changes in channel mix and inflationary pressures on transportation costs as a result of the Middle East conflict.
  • Administrative expenses increased during the period, reflecting continued investment in brand-building activity, route-to-market expansion support and inflationary cost pressures. Marketing investment increased to £1.4m (H1 2025: £1.0m), representing 15% of NSR (H1 2025: 12%), consistent with the Group's strategy of investing behind long-term brand growth and premiumisation.
  • Adjusted EBITDA1 increased by 27% to £1.3m (H1 2025: £1.0m), demonstrating the operational leverage within the business as revenue growth and margin expansion more than offset increased investments in marketing and operational support.

Cash Flow and Working Capital

  • Cash generation improved significantly in H1, with positive operating cash flow of £0.6m (H1 2025: outflow of £0.4m) due to temporarily improved working capital as a significant portion of Q4 2025 trade receivables were received in Q1 2026 and increased underlying profitability.
  • As expected, the Group continued to invest in maturing TMS inventories to support future demand and benefited from a higher-than-average yield from the 2025 harvest. Inventory (excluding biological produce) increased to £29.4m (H1 2025: £25.6m) due to bottling of the 2025 harvest.
  • Underlying cash flow, which represents operating cash flow excluding working capital movements but including lease costs, has improved to an outflow of £0.5m (H1 2025: outflow of £0.6m) due to improved profitability.

Balance sheet and Net Debt

  • The Group continues to maintain a strong asset base, underpinned by its vineyard estate, winery infrastructure and growing inventory of maturing sparkling wine. Net asset value per share remained at £0.19 (H1 2025: £0.19), however the Board continues to believe the market value of tangible assets is considerably higher than their net book value.
  • Net debt (excluding lease liabilities) increased in line with management expectations to £14.0m (H1 2025: £11.3m; FY 2025: £12.4m). The increase reflects ongoing investment in inventory and capex investments to finalise Boxley Abbey and Buckwell vineyards which will be fully productive for 2026 and 2027 harvest respectively. There were also incremental investments in tourism at Tenterden with The Hythe tasting room.
  • To support future growth and maintain financial flexibility, the Group extended its revolving credit facility from £20m to £25m during the period, while retaining access to an additional accordion facility. The Board believes this provides an appropriate level of liquidity to support the Group's medium-term growth plans.

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2026

 

 

 

 

H1 2026

(unaudited)

£’000

 

H1 2025

(unaudited)

£’000

 

 

 

 

 

 

Gross sales revenue

 

 

10,847

 

9,151

Duty

 

 

(1,419)

 

(1,223)

Net sales revenue

 

 

9,428

 

7,928

Cost of sales

 

 

(4,756)

 

(4,271)

Gross profit

 

 

4,672

 

3,657

Administrative expenses

 

 

(4,803)

 

(3,956)

Operating loss before exceptional costs and fair value adjustment to biological produce

 

 

(131)

 

(299)

Fair value adjustment to biological produce

-

 

202

Operating loss before exceptional costs

 

 

(131)

 

(97)

Exceptional costs

 

 

-

 

(221)

Operating loss

 

 

(131)

 

(318)

Finance income

 

 

-

 

3

Finance costs

 

 

(420)

 

(372)

Loss before tax

 

 

(551)

 

(687)

Tax credit

 

 

62

 

110

Loss and total comprehensive loss for the period

 

 

 

(489)

 

(557)

Total comprehensive loss attributable to the equity holders of the company

 

 

(489)

 

(557)

 

 

 

 

 

 

Basic loss - pence per share

 

 

(0.29)

 

(0.34)

Diluted loss - pence per share

 

 

(0.28)

 

(0.33)

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2026

 

 

As at

30 June

2026

(unaudited)

 

As at

30 June

2025

(unaudited)

 

As at

31 December 2025

(audited)

 

£’000

 

£’000

 

£’000

Non-current assets

 

 

 

 

 

Intangible assets

1

 

10

 

5

Property, plant and equipment

27,234

 

26,739

 

27,213

 

 

 

 

 

 

 

 

 

 

 

 

 

27,235

 

26,749

 

27,218

Current assets

 

 

 

 

 

Biological produce

2,273

 

2,266

 

-

Inventories

29,372

 

25,566

 

30,579

Trade and other receivables

4,681

 

3,680

 

5,318

Cash and cash equivalents

321

 

450

 

262

 

 

 

 

 

 

 

 

 

 

 

 

 

36,647

 

31,962

 

36,159

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

63,882

 

58,711

 

63,377

 

 

 

 

 

 

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

Called up share capital

8,576

 

8,576

 

8,576

Share premium

31,654

 

31,654

 

31,654

Capital redemption reserve

-

 

-

 

-

Revaluation reserve

853

 

886

 

870

Retained earnings

(8,409)

 

(8,942)

 

(8,046)

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

32,674

 

32,174

 

33,054

 

 

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Borrowings

14,136

 

11,609

 

12,544

Lease liabilities

9,254

 

9,085

 

9,590

Deferred tax liabilities

1,245

 

933

 

1,340

 

 

 

 

 

 

 

 

 

 

 

 

 

24,635

 

21,627

 

23,474

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

Trade and other payables

6,074

 

4,576

 

6,353

Lease liabilities

499

 

334

 

496

 

 

 

 

 

 

 

 

 

 

 

 

 

6,573

 

4,910

 

6,849

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

31,208

 

26,537

 

30,323

 

 

 

 

 

 

 

 

 

 

 

 

Total equity and liabilities

63,882

 

58,711

 

63,377

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2026

 

 

 

 

H1 2026

(unaudited)

 

H1 2025

(unaudited)

 

 

 

£’000

 

£’000

Cash flows from operating activities

 

 

 

 

 

Loss before tax

 

 

(551)

 

(687)

 

 

 

 

 

 

Adjustments to reconcile loss before tax to     

 

 

 

 

 

  net cash flows from operating activities:

 

 

 

 

 

Amortisation of intangible assets

 

 

5

 

8

Depreciation of property, plant and equipment

 

 

160

 

175

Loss on disposal of property, plant and equipment

 

 

-

 

9

Finance income

 

 

-

 

(3)

Finance costs

 

 

420

 

372

Fair value adjustment to biological produce

 

 

-

 

(202)

Equity-settled share-based payments

 

 

76

 

51

Decrease in trade and other receivables

 

 

636

 

324

Decrease in inventories

 

 

2,371

 

2,251

Increase in biological produce

 

 

(2,273)

 

(2,266)

Decrease in trade and other payables

 

 

(279)

 

(469)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

 

565

 

(437)

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(1,102)

 

(804)

Interest received

 

 

-

 

3

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from investing activities

 

 

(1,102)

 

(801)

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Proceeds from borrowings

 

 

10,900

 

8,982

Repayment of borrowings

 

 

(9,714)

 

(7,718)

Lease payments

 

 

(590)

 

(558)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from financing activities

 

 

596

 

706

 

 

 

 

 

 

 

 

 

 

 

 

Net increase/(decrease) in cash and cash

 

 

59

 

(532)

equivalents

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 

262

 

982

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

 

321

 

450

 

 

 

 

 

 

 

 

 

 

 

 

 

1. BASIS OF PREPARATION/ACCOUNTING POLICIES

The Company’s report for the six months ended 30 June 2026 was authorised for issue by the directors on 23 September 2026. The financial information does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Accordingly, this report is to be read in conjunction with the Annual Report for the year ended 31 December 2025, which was prepared in accordance with the Company’s reporting standards (International Financial Reporting Standards as adopted by the UK, IFRS) that were in effect at that time.

The Company is required to value net assets in accordance with the Company’s reporting standard (IFRS). The assets (wine stock, land, vineyard) are held at cost which the Directors believe is considerably less than the net realisable value.

The statutory accounts for the year ended 31 December 2025 have been reported on by the Company’s auditors, received an unqualified audit report and have been filed with the registrar of companies at Companies House. The unaudited interim financial statements for the six months ended 30 June 2026 and 30 June 2025 have been drawn up using accounting policies and presentation adopted in the Company’s full financial statements for the year ended 31 December 2025, being UK adopted IFRS.

2. BALANCE SHEET REVIEW

The net asset value of the Company as at 30 June 2026 was £32,674k which includes:

 Fixed assets held at net book value of £27,234k, including vineyard development expenditure which is capitalised at cost.

 £29,372k of stock, which is valued at cost being the lower of cost or net realisable value.

3. LOSS PER SHARE

The calculation of the loss per share for the six months ended 30 June 2026 is based on the loss for the period of £489k and the weighted average number of shares in issue during the period of 171,524,316 exclusive of the effect of dilutive share options, and 173,884,381 inclusive of dilutive options.

4. Reconciliation of operating (loss)/profit to adjusted EBITDA

 

 

H1 2026

 

H1 2025

 

 

£’000

 

£’000

 

 

 

 

 

 

Operating loss

(131)

 

(318)

 

 

 

 

 

 

Add back:

 

 

 

 

Fair value adjustment to biological produce

-

 

(202)

 

Depreciation and amortisation

1,044

 

972

 

Finance costs

324

 

307

 

Share-based payment expense

76

 

51

 

Exceptional costs

-

 

221

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

1,313

 

1,031

 

 

 

 

 

 

The intention of the Adjusted EBITDA1 metric is to provide the Board with a comparable, year-on-year indicator of underlying trading and operational performance by excluding the impact of non-cash or volatile non-trading elements such as financing, depreciation, fair value adjustment to biological produce, volatile share price performance or one-off exceptional impacts.

5. DISTRIBUTION OF THE HALF YEAR STATEMENT

Copies of this statement will be available for collection free of charge from the Company’s registered office at Chapel Down Winery, Small Hythe Road, Tenterden, TN30 7NG. An electronic version will be available on the Company’s website, www.chapeldown.com.

 

Contacts

 

Chapel Down Group plc

James Pennefather

Louan Mouton

Chief Executive Officer

Chief Financial Officer

 

 015 8076 3033

 

 

 

 

Singer Capital Markets

Alex Bond

Shaun Dobson

James Todd

Nominated Adviser and Broker

 

 

 020 7496 3000

 

 

 

H/Advisors

Sam Cartwright

Jonathan Cook

 

 020 7379 5151

 

About Chapel Down:

Chapel Down (AIM: CDGP) is England's leading winemaker and the lighthouse brand of English wine, the world's newest international wine region. From its home in Kent in the heart of the Garden of England, Chapel Down produces a range of sparkling and still wines which consistently win prestigious international awards for their quality. Chapel Down has over 1,000 acres of vineyards, c.9% of the UK's total, of which 897 acres are fully productive.

Chapel Down's status as the most recognised English wine brand is supported by its partnerships with flagship sporting and cultural events including Ascot and The Boat Race. Chapel Down is the 'Official Sparkling Wine' of the England and Wales Cricket Board and 'Official English Sparkling Wine' for The Jockey Club and Royal Philharmonic Orchestra.

Chapel Down is listed on the London Stock Exchange's AIM and has over 10,000 retail investors who enjoy discounts on Chapel Down's wines, tours and tastings at the brand's home at Tenterden in Kent, which each year attracts c.50,000 visitors.

Chapel Down is strongly committed to growing its business in balance with the environment and sustainability is a strong, ongoing focus. The company is a founding member of Sustainable Wines of Great Britain and practises sustainable viticulture.

 

 

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