Wine subscription service Virgin Wines raised its annual financial forecasts as a result of strong customer demand, it told markets this morning.
Their customer base grew by 24 per cent in the previous 12 months.
The pandemic saw people at home stock their bars and fridges causing increased demand in alcoholic products over lockdowns, as pubs and bars had to stay closed throughout.
Sales for the e-commerce company are believed to exceed expectations with an estimated £73.8m return, an increase of 30 per cent compared to the previous year.
Chief executive officer Jay Wright suggested this was due to successfully listing the business on AIM and ‘navigating the operational complexities that comes with significant growth in a COVID world.’
He said, it “has been a transformational year for Virgin Wines delivering significant growth in our revenue, our profit and our customer base.
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.”
Government lifting of lockdown restrictions meant pubs and restaurants could reopen to the public with no restrictions. Virgin Wines says they are confident that sales will continue to remain positive, despite the complete return to venues.
The direct-to-consumer wine company plan to access investment opportunities to attract positive shareholder returns and branch out into organic production initiatives.