Purcari Wineries, Central and Eastern Europe’s leading wine producer, announced its preliminary unaudited financial results for 2023. The Group’s revenue marked a 22% increase, reaching RON 369.4 million (EUR 74.4mn). This achievement is further underscored by a robust profitability, EBITDA and Net Profit attaining RON 98.6 million (EUR 19.8mn) and RON 59.6 million (EUR 12.0mn), respectively.
Net Profit surged by 45% and EBITDA by 19% compared to the adjusted figures1 for Net Profit and EBITDA recorded in 2022. In 4Q23, the revenue growth reached 14%, while the Net Profit and EBITDA rose compared to adjusted figures by 2.7x and 21% respectively.
"This past year was a difficult one for our region, but we coped well and are proud of the results achieved, again over-performing against the announced guidance. We continue building our platform to deliver on our vision to become the undisputable wine leader in CEE. We look forward to robust growth going forward, capitalizing on our strong brands, solid route to market, excellent asset base and talented team," said Victor Bostan, CEO of Purcari Wineries.
Key commercial highlights for 2023:
- Romania: +22% revenue growth YoY. Strong growth for all brands across all channels, Purcari being an outstanding performer, closely followed by Crama Ceptura, Bardar and Bostavan, respectively. Continued outstanding dynamics for Nocturne, Cuvee sparkling, Limited Edition and 1827 product ranges.
- Moldova: +4% YoY, Purcari premium wines maintaining their market prominence, growing across all channels both in terms of value and volume. Bostavan and Bardar prioritizing margins over volumes, price increases being gradually pushed through.
- Poland: stagnant YoY, whilst exhibiting a strong rebound in 4Q, following two consecutive weak quarters. Bostavan prioritizing margins over volumes, while pressure in the mainstream wine market continues. +36% YoY increase for Purcari brand, albeit from a smaller base.
- Czech and Slovakia: Ongoing recovery after a weak year start. Bostavan prioritizing margins over volumes, while focusing on premiumization with Purcari, up 53% YoY.
- Bulgaria: Expanding the commercial team while setting up collaborations with local partners and focusing on highest margin products and channels. Currently introducing the Purcari brand to the market.
Guidance for 2024:
- Total revenue growth: +16% - 20%
- Wine revenue growth: +20% - 24%
- EBITDA margin: 26% - 28%
- Net Income margin: 14% - 16%
Source: Purcari