Winemaker Chapel Down Group PLC (AIM:CDGP) fell over 13% on Wednesday morning after announcing a slump in off-trade sales and the departure of its chief executive.
Net revenue fell 11% to £7.1 million over the year to June, a statement said, as off-trade sales, relating to those from shops, fell by 36% and hampered growth elsewhere.
This was due to one-offs including movement in retailer’s stock holdings, according to the group, with higher sales costs also fuelling a 58% drop in adjusted earnings to £1.4 million.
Chapel Down also announced chief executive Andrew Carter was to resign from the company early next year to take the helm at brewer Timothy Taylor.
A recruitment process is set to start soon for his replacement, Chapel Down added.
Shares fell 13.7% to 60p.