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(Sharecast News) - Virgin Wines hailed "strong" Christmas trading on Tuesday amid solid customer growth.
In an update for the six months to 2 January, the company said revenue rose 2% year-on-year to £34.7m, "significantly" outperforming the wider online drinks market, which declined by 11%.
In the seven weeks to 26 December, meanwhile, revenue was up 5%, with a 40% jump in customers acquired and the customer base returning to growth.
The company said revenue generated through commercial partnerships and corporate gifting grew year-on-year and was ahead of expectations at the half year, with the Moonpig partnership continuing to deliver double-digit growth.
It also highlighted "encouraging" progress in the development of the mobile app, which remains on track for release this quarter. The group said Warehouse Wines continues to deliver significant growth, with revenue up 92% year-on-year.
Chief executive Jay Wright said: "We are delighted to report a positive first-half performance in which we have delivered meaningful market share gains enabled by our growth strategy.
"With a strong balance sheet, agile sourcing model, a loyal customer base, and the imminent launch of our mobile app which we believe will drive further customer engagement, we remain confident in a full-year performance in-line with our growth expectations."
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