BBR achieves 11% sales growth in FY23 Results

By James Bayley

Published: 13 December, 2023

Fine wine and spirits merchant Berry Bros. & Rudd (BBR) has announced its financial results for the financial year ending 31 March 2023, reporting a sales growth of 11.1% on the previous year to £254.3m.

The business delivered £20.7m in earnings before interest, taxes, depreciation and amortisation (EBITDA) – a loss of 5.1% against the previous year. According to BBR, this loss can be attributed to planned investment for its new wine storage facility, reportedly the largest in Europe, in Andover, Hampshire.

The core fine wine and spirits business plus joint ventures Hotaling and No. 3 Gin all experienced sustainable growth, whilst Hotaling, BBR’s import and distribution business in the USA, delivered double-digit growth.

Read more: Hambledon takeover bid confirmed

Meanwhile, No. 3 Gin more than doubled its sales during the year following its joint venture with The Edrington Group in the previous year.

Emma Fox, CEO of BBR said: “This strong set of results is a testament to the hard work of all our colleagues, our producers and partners. This has enabled us to continue to grow the business in a way that will be sustainable for generations to come.

“We’re very excited about this latest stage in our five-year strategy which we originally laid out in 2021. These last few years of sustained growth mean that we are well placed to invest in our continued digital transformation, international expansion, growing our premium brands and acquisition opportunities.”

Earlier this year, the business acquired a minority stake in The Cotswold Distillery Company and last month confirmed the acquisition of Hambledon Vineyard in a 50/50 joint venture with Symington Family Estates.

Lizzy Rudd, chair of BBR commented: “We are delighted to confirm this exciting joint venture with Symington Family Estates. Together, we are committed to sustainable viticulture and winemaking, and we believe that this business, which was the first commercial English vineyard of the modern era, has the foundations and potential to lead the way in the English sparkling wine category.

“We are two family businesses who have worked together and been friends for many years. We share the same values and ethos and are delighted to be partnering to bring stability and growth to this business at a very exciting time for English sparkling wine.”

Today Hambledon produces wine from 200 acres of vineyards; it is one of a few English producers with the capacity to produce more than 500,000 bottles per year of estate-grown sparkling wines.

Printer friendly version