Virgin Wines has confirmed a notable boost in profits during the six months to December 29, 2023.

The company’s interim results statement, released today, echoed numbers reported in a trading update in January.

Virgin saw sales rise 2% to £34.3 million, while EBITDA increased 122% to £1.76 million. The company flagged “encouraging early results” for its value-led Warehouse Wines offering, with new initiatives Five O’clock Somewhere Wine Club and Vineyard Collection “set to launch before year-end”.

Virgin Wines CEO Jay Wright said: “We are pleased to report a positive first half performance, with the underlying business performing well including through the peak Christmas period, and the introduction of our key strategic initiatives better positioning the company to achieve further growth into the future. Our customer base remains active and loyal, with cancellation rates continuing to trend positively despite macroeconomic uncertainties. We remain focused on high quality customer acquisition and are pleased that our conversion rate increased by 22% year-on-year. Our flagship WineBank offering continues to prove popular, with the scheme achieving its second highest H1 revenue since inception.”

Looking ahead, Wright said he is optimistic about the future.

“Warehouse Wines, our new proposition, has delivered encouraging early results, bringing in almost 2,000 previously ‘lapsed’ customers, and we have received positive feedback on our brand refresh. We expect a full year profit for 2024 in line with market expectations and continue to look at opportunities to continue our growth trajectory moving forward.”