Dublin-based wine distributor Cassidy Wines expects its turnover to grow to approximately €21.5 million this year due to a rise in off-trade sales.
The company's turnover amounted to a little more than €20 million during the year that ended on February 29, 2020, while its profit came to €106,000.
"Very Unusual Circumstances"
Cassidy Wines managing director Neil Cassidy told The Sunday Independent that the company's results for its 2020 financial year were "not too bad", and said, "Obviously, these are very unusual circumstances [due to the COVID-19 crisis], but our on-trade, including hotels and restaurants, was zero business for a number of months. That's coming back now and is probably trading at about 50% to 60% of what we would normally expect at this time of year.
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"The off-trade has been very strong. That's the independent off-licences and supermarkets, and that is trading well ahead. We are looking at an increase in turnover at the moment. We reckon we will be up to around €21.5 million to the end of February for the next financial year."
Cassidy added that he expects on-trade sales to be approximately 50% less than normal over the coming months, despite the reopening of food-serving venues and planned reopening of pubs.
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.