The turbulence in the fine wine market and wider macro-economic landscape saw revenues at the UK’s oldest fine wine merchant fall by 3.3% on last year and EBITDA slide by 51.2% – but investment rose as CEO Emma Fox said the company looked to its “future growth and capabilities”. Group turnover for Berry Bros. & Rudd in the 12 months to 31 March 2024 fell by 3.3% to £245.98 million (excluding adjustments for en primeur), according to the documents filed at Companies House, down from £254.28 million the previous year, while the company also recorded a loss before tax and exceptional items of £1.2m down, from a profit of £9.46m the previous year (or £19.59m in the year to March 2022). CEO Emma Fox wrote it had been “a turbulent year” in both the global fine wine and spirits as well as the wider luxury consumer goods sector more generally, coming at a time of high inflation, high interest rates and falling prices. “Global uncertainty and challenging macro-economic headwinds, coupled with a year of planned high investment for BB&R results in an anticipated drop in EBITDA,” she wrote in the financial records. EBITDA before exceptional items was recorded at £10.08m, a 51.2% slide from the previous year (£20.67m), but the core fine wine and spirits business in the UK and Asia performed well “with a low digit increase” in revenue, Fox said. The records showed that en primeur grew by 15%, however sales of more mature wines and commission
This Article was originally published on The Drink Business - Fine Wine
