Online wine retailer increases revenue to £73.6m due to "customer loyalty"

Virgin Wines UK, a direct-to-consumer online wine retailer, today announces its audited Annual Results for the year ended 30 June 2021.

The company’s revenue increased 30 per cent to £73.6m from £56.6m last year. This marks the second consecutive year of more than 30 per cent revenue growth

In addition, repeat direct-to-consumer revenues are up 31.5 per cent.

The audit claims the growth is driven by strong levels of customer demand, increased investment in customer acquisition and strong customer loyalty.

The retailer is also aware of supply chain issues providing businesses globally with operational challenges and cost inflation. So, it took the decision to stock up for the key Christmas trading period last year well in advance to mitigate any issues around lack of stock availability.

Jay Wright, CEO, said: “FY21 has been a transformational year for the Group, starting a new chapter on the public markets and emerging in a stronger financial position.

“I would again like to wholeheartedly thank everyone across the business for their continued commitment and support, particularly in such an unprecedented time.

“We have made a number of changes to the way we work together as a business to ensure we serve our customers efficiently, and our teams have shown great skill and adaptability, while keeping each other safe.”

Jay continued: “Following this milestone year, I look forward to working with our stakeholders over the coming 12 months to maintain this exciting momentum and drive the business further towards achieving its significant potential.

“Recent customer retention data has proven promising and we are confident that Virgin Wines, underpinned by underlying, subscription-weighted growth drivers, its strong brand and unique customer proposition remains well placed to take advantage of future consumer trends.”