Chapel Down has delivered a strong set of interims: net revenue up 11% to £7.9m and adj. EBITDA (ex-biological produce) +26% to £1.0m. We make four key points: (1) Business is now operating at a run rate that supports a five-year plan for double-digit sales growth; (2) Strong channel execution, led by off trade at 30% and international +17%, supporting total wine sales +14%; (3) Management has shelved plans for a new-build winery, opting instead to scale capacity via Tenterden and third-party sites, supporting up to 3m bottles p.a. and sustaining double-digit revenue growth; (4) Trading momentum has continued into July/August, and favourable growing conditions point to an above-average 2025 harvest. Management remains confident in achieving full-year expectations. We keep forecasts and 57p TP unchanged - Buy.
