Virgin Wines UK

VINO · AIM · Retail · mcap £12m · 25.5p

Virgin Wines is a UK online wine retailer selling mainly through a subscription-style WineBank membership, plus commercial partnerships such as Ocado and its Warehouse Wines channel. It buys wine based on customer preferences and delivers direct to homes.

Target	Promise	Said	Status
2024
FY24	Double-digit sales growth in FY24 with EBITDA margin of c. 4-5%.	25 Oct 2023	✗ Missed
	“the Board expects double-digit sales growth in FY 2024, with EBITDA margin of c. 4-5%” Result FY24 revenue was flat at £59m, not double-digit growth; EBITDA £2.8m, about 4.7% margin. “Revenue was in line with the prior year at £59m (FY23: £59m), while enhanced margins and operational efficiencies, particularly in warehouse fulfilment, drove an improvement in profitability.”25 Jul 2024 · FY24 Trading Update “EBITDA1 increased by 260% to £2.8m (FY23: £780k), with Profit/(Loss)1 before tax expected to be £1.95m (FY23: Loss £430k).”25 Jul 2024 · FY24 Trading Update
FY24	Deliver FY24 profit in line with market expectations.	22 Jan 2024	✓ Kept
	“We expect a full year profit for 2024 in line with market expectations and continue to look at opportunities to continue our growth trajectory moving forward.” Also stated 25 Mar 2024 Result FY24 results were described as ahead of expectations, with a return to profit. “Adjusted EBITDA (1) up 59% to £2.8 million (FY23: £1.8 million) as a result of enhanced margins and operational efficiencies”22 Oct 2024 · Audited Annual Report
H2 2024	Introduce strategic initiatives in Q2/Q3 2024 with benefits starting from H2 2024.	25 Oct 2023	◐ Partly kept
	“The strategic initiatives identified during the Group's Business Review are expected to be introduced during Q2/Q3 2024 with the benefits starting from H2 2024” Status so far FY24 margins and EBITDA improved, and a Warehouse Wines investment and Ocado partnership followed, but revenue stayed flat. “The Company's new value proposition, Warehouse Wines, that launched pre-Christmas 2023, has started encouragingly with a particularly strong Q4, and an improving rate of customer acquisition.”25 Jul 2024 · FY24 Trading Update
31 Dec 2024	Launch Five O'clock Somewhere Wine Club and Vineyard Collection before year-end 2024.	25 Mar 2024	… In progress
	“Five O'clock Somewhere Wine Club and Vineyard Collection set to launch before year-end” Result Not yet due.
2025
FY25	FY25 outturn in line with market expectations.	22 Oct 2024	✓ Kept
	“the Board remains confident that the FY25 outturn will be in line with current market expectations” Also stated 29 Jan 2025 Result FY25 EBITDA and PBT were ahead of expectations in July and October 2025. “both EBITDA1 of £2.3m (FY24: £2.8m) and PBT1 of £1.6m (FY24: £1.9m) ahead of market expectations2 by over 4.5% and 23.1% respectively”31 Jul 2025 · FY25 Trading Update “Adjusted EBITDA of £2.3m was 4.5% ahead of market expectations, and PBT of £1.6m was 23.1% ahead of market expectations”22 Oct 2025 · Final Results
2025-03	Announce Growth Strategy and new Capital Allocation Policy at March 2025 interim results.	29 Jan 2025	✓ Kept
	“the Company will announce its Growth Strategy and new Capital Allocation Policy at the Interim Results in March” Result Growth plan and buyback announced on 26 March 2025. “Virgin Wines has announced a strategic growth plan focusing on four key areas: customer acquisition, commercial partnerships, Warehouse Wines and the development of a mobile app, projecting revenues to increase to £100 million over the duration of the plan. The announcement also sets out the Group's capital allocation policy”26 Mar 2025 · Half-year Results “the Group intends to launch a share buyback programme enabling the Group to purchase up to 15% of the existing share capital of the Company in order to return value to shareholders.”26 Mar 2025 · Growth Strategy and Capital Allocation Plan
2026
23 Mar 2026	Return surplus cash via share buyback of up to 15% of shares.	28 Jan 2025	◐ Partly kept
	“the Company also intends to use the Share Buyback Programme as a mechanism to return surplus cash to investors.” Result Treasury shares rose to 4.1m by September 2025, indicating buybacks; completion is not confirmed. “the Company's issued ordinary share capital consists of 55,972,405 ordinary shares of which a total of 4,133,298 ordinary shares are held in treasury”11 Sep 2025 · Transfer of Treasury Shares & Total Voting Rights
FY26	FY26 outturn in line with market expectations.	22 Oct 2025	✗ Missed · target changed
	“remains confident that the FY26 outturn will be in line with current market expectations” Also stated 27 Jan 2026 Result June 2026 update guided FY26 EBITDA to -£200k versus £100k expected, below expectations. 12 Jun 2026 · Trading Update
FY26	Remain EBITDA profitable in FY26 despite extra £0.55m investment.	17 Mar 2026	✗ Missed
	“Despite this additional investment the Group expects to remain profitable at EBITDA level this year” Result June 2026 guidance showed FY26 EBITDA of -£200k. “The Company now expects FY26 revenue of c.£61m, FY26 EBITDA1 of -£200k and FY26 PBT1 of -£1.5m2.”12 Jun 2026 · Trading Update
Today · 13 Oct 2026
2026-03	Launch new mobile app in Q1 2026.	31 Jul 2025	✓ Kept
	“mobile app, which remains on track for release in H2 2026” Also stated 22 Oct 2025 · 27 Jan 2026 Result App launched on 26 March 2026, after an October 2025 reference to H2 2026. “Encouraging progress in the development of the mobile app, which remains on track for release during this quarter.”27 Jan 2026 · Trading Update “Virgin Wines UK plc, one of the UK's leading direct-to-consumer online wine retailers, is pleased to announce the launch of its first-ever mobile app, which is now available on iOS and Android.”26 Mar 2026 · Launch of Mobile App
2027
28 Feb 2027	Exit Bolton site and consolidate all fulfilment at Preston by end of February 2027.	12 Jun 2026	… In progress
	“the Company will exit its current Bolton site by the end of February 2027 meaning all fulfilment will be based in Preston” Status so far Not yet due.
2028
FY28	New Preston warehouse to provide synergies and operational benefits from FY28 onwards.	12 Jun 2026	… In progress
	“This will also provide meaningful synergies, economies of scale and structural operational benefits from FY28 onwards” Status so far Not yet due.
2030
FY30	Reach £100m annual revenue at 7% EBITDA margin by end of FY30.	26 Mar 2025	… In progress
	“propelling annualised revenue to at least £100m at the end of that period (FY24: £59m revenue), at EBITDA margins of 7%” Also stated 26 Mar 2025 · 22 Oct 2025 Status so far Not yet due.
FY30	Commercial channel to contribute about 20% of Group revenue by FY30.	26 Mar 2025	… In progress
	“the expectation that it will contribute circa 20% of Group revenue by FY30” Status so far Not yet due.
FY30	Warehouse Wines to contribute about 10% of Group revenue over next 5 years.	26 Mar 2025	… In progress
	“The Group expects Warehouse Wines to become an increasingly important contributor to Group revenue over the next 5 years at circa 10% of Group revenue” Status so far Not yet due.