An excellent, in line with expectations FY23 update, highlighting another year of profitable double-digit revenue growth (14%). The high margin and dominant sparkling wine category registered a great performance, growing by 25% - strong pricing and volume. Once again overall growth was broad and healthy across the 5 distribution channels, reinforcing CDGP’s scale. We make no forecast changes but maintain high conviction of double-digit revenue growth being maintained. The FY23 performance underlines that the brand is in strong shape, the market in structural growth and a strong BS gives CDGP great flexibility. It caps off a highly positive year, which also included an exceptional harvest and move to Aim. Management is executing in line with strategy, enters FY24 with strong momentum and we maintain a Buy stance on superior growth prospects.