Purcari Wineries Plc (WINE), a leading wine producer in Central and Eastern Europe (CEE) listed on the Bucharest Stock Exchange, recorded revenues of RON 49.8 mln (over EUR 10 mln) in the first quarter of 2021, up 8% compared to the same period of last year

Margins grew ahead of revenues, primarily driven by a further improving mix, with EBITDA rising 13%, to RON 19.6 million (EUR 4 mln) and net income up 28%, to RON 10.3 million (EUR 2.1 mln), respectively.

The group sees its business performing strongly in the post-Covid market reality and, among other things, has been taking steps to capitalize on the increased online demand for wine. To that end, Purcari announced on May 14 its investment into the business of 8Wines.com a fast-growing online wine retailer, seeking to further strengthen its ecommerce footprint.

“It has been a mantra of ours that every crisis also creates a big opportunity and I do believe we are emerging stronger from this pandemic. We continued investing during 2020, when many of our competitors froze and this is now showing in our results and the appreciation of our consumers. We feel good about where we stand at the beginning of 2021”, said Victor Bostan, CEO. 

The WINE shares were up 1% after the Q1 report on Monday morning. Since the beginning of this year, the company’s share price has gained about 30%. The current market capitalization is RON 565 mln (EUR 115 mln).

editor@romania-insider.com

(Photo source: the company)