Cult Wines Reports Strong Financial Performance
- Assets under management increased 36% to £120m
- Top line revenues increase by 10% to £57.6m
- New Shanghai office opened
- Strong international growth and further expansion plans into 2020
Cult Wines, the global leader in fine wine investment management services, has today announced record results for the year ending 31 August 2019. Revenue across the business increased to £57.6m, representing a 10% increase, while AUM grew 36% reaching a record level of £120m, up from £88m in 2018.
The Asia Pacific region grew by 24% over the last 12 months and now represents 43% of total revenue. The ASEAN operation, opened 12 months ago and headquartered in Singapore, delivered an increase in revenue of over 400%, with sales in Asia now accounting for more than the UK.
Hong Kong, as the company’s North Asia centre, again carried on strong growth, up 13% in the year. Comparatively, mainland Europe and USA grew 10% and 54% respectively, with further growth in the Middle East and Australasia.
The UK still represents 38% of total revenue of the firm and revenues from the global network of family offices, wealth managers and banks stand at 20% and is set to grow substantially over the next few years.
Commenting on today’s results, Tom Gearing, Managing Director of Cult Wines, said:
"We are delighted with the performance of the company over the last 12 months and on behalf of the management team would like to thank all our staff, customers and partners for their contribution and support. Last year continued our re-investment as we look to build the business for the long term.
Our company has been built to ensure we do not concentrate risks in one region or line of business. Despite Brexit uncertainty, currency fluctuations and global trade war concerns, we are pleased that our business model can deliver strong growth and performance in challenging conditions.
The last 12 months has been focused on growing our international footprint, increasing service levels, investing in new offices and state of the art storage facilities and increasing our investment in research, analysis and improved data and technology solutions. We have already commenced a number of new strategic projects to ensure future growth into the next decade."