StockMarketWire.com - Wine producer Gusbourne reported wider losses as increased spending on sales and marketing and on wine stocks offset a rise in revenue.

For the year ended 31 December 2020, pre-tax losses widened to £3.1 million from £2.6 million year-on-year, while revenue rose 28% to £2.1 million.

Revenue was boosted by the company's efforts to expand its customer base both at home and overseas.

Gross profit margin increased to 58.3% from 55.5% in 2019.

'The company experienced a slower than normal start to trading in the first three months of the year as a result of ongoing COVID-19 lockdown restrictions on UK trade sales in particular,' the company said.

'However it is pleasing to note that our continuing growth in Direct to Consumer and International sales have continued to mitigate this impact on overall sales,' it added.


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