Wine suppliers in the UK have seen sales revenue jump over the past year, according to data from Unleashed, though many felt pressure on their margins grow.
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SWA chief executive has claimed the industry is “not crying wolf” over the impact of the double-digit rise in spirit duty since August 2023. According to Treasury figures, the revenue from spirits duty fell by £255m for the period running 1 August 2023 to 30 November 2024, which equates to an eye-watering half a million-pound loss in revenue every day for HMRC.
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Virgin Wines UK has announced its annual results for the year ending 28 June 2024, showcasing a marked improvement in profitability despite a flat revenue and challenging market conditions.
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Retail is likely to remain firmly in the mix for many hospitality operators, even once the pandemic recedes.
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Wine duty receipts fell back 2.1% in the first six months of the financial year, according to data released by the government.
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C&C Group has reported a drop in full-year net revenue and profit with sales hit by severe weather in the second half.
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