Further good news from Chapel Down proposed move to AIM and an exceptional 2023 harvest (3.8k tonnes of high-quality grapes vs 2.05k tonnes last year). We welcome the AIM news as it signals ongoing growth ambition of management. While we make no forecast changes, the strong harvest bolsters the doubling of revenue objective by FY26, with some upside risk to FY26 and beyond given more sparkling wine will be available to sell. Near term it provides a strong underpinning to our still/carbonated wine volume assumptions for FY24. Chapel Down is one of the best growth shares under our coverage in a structurally attractive market. Both pieces of news today should be well received - we reinforce our Buy.
