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Published: 16:25, 28 September 2017
Sparkling wine producer Gusbourne boosted revenues in the first half of the year with the help of strong sales overseas.
Exports increased by 30% as 15 countries lapped up its fizz made in Appledore on Romney Marsh.
The value of the pound remains about 12% lower than prior to the Brexit vote, which has made British goods cheaper for foreign buyers.
Gusbourne increased sales by 42% to £378,000 over the period but this continues to be held back by limited stock of earlier year vintages.
Gross profit more than doubled to £214,000 and it reduced its operating losses by 9% to £549,000.
Pre-tax losses increased 17% to £815,000 but bosses said this was expected as part of its long term strategy.
The results come three months after it raised £4.2 million by issuing discount shares to its investors.
The company’s share price has fallen 17% to 48p since it announced the fundraising plans in June, underwritten by its majority shareholder Lord Ashcroft.
The cash will be used for “ongoing investment in the business”.
It has since boosted its balance sheet further by converting £2 million of bonds into equity.
Chief winemaker and chief executive Charlie Holland described the results as “solid progress”, adding he was “particularly pleased with the contribution of export sales”.
The company won five gold medals at the Texsom competition in March and platinum medal at the Decanter World Wine Awards in June.
In July, the company opened its cellar doors, known as the Nest, for tours and wine tastings.
More by this authorChris Price