Chapel Down’s H1 update underscores continued momentum from Q4’24, with +11% revenue growth led by standout Off-trade (+30%) and sparkling wine (+15%) outpacing the English Sparking wine category (+10%). International foundations are being laid via US and Norway distribution. Leadership transition has been smooth, growing conditions remain favourable though final yields hinge on weather in the run-up to harvest, and FY25 guidance is reaffirmed. With forecasts unchanged, strong brand equity, asset-backed growth and exposure to the structural rise of English sparkling wine, we remain Buy with a 57p TP.
