Sparkling wine producer Gusbourne revealed another expected loss in the first half of the year and revealed plans to seek more funding in future.

The company, which is boosting production by planting more vines, increased pre-tax losses to £726,000, compared to £501,000 in the same period last year.

The figures will not worry bosses, who said 2015 is already its most successful year for awards, notably winning two Gold Outstanding medals from the International Wine and Spirit Competition in May.

The London Stock Exchange-listed firm said its long-term development plans are on track having planted another 76 acres of vineyards in May, bringing its total land across Romney Marsh and West Sussex to 232 acres.

However, sales for the period fell slightly to £190,000 from £194,000, reflecting “the limited stock availability of earlier year vintages”.

Cost of sales remains higher than anticipated after it changed the value of previous stocks, however gross profits increased to £61,000 from £26,000, with a margin of 32%, up from 13%.

The Appledore-based firm said this margin is expected to continue to increase over time as it benefits from economies of scale thanks to increased production.

However bosses admitted its long-term development strategy will depend on the raising further funding either by giving away more equity or increasing debt.

It takes four years to bring a vineyard into full production and a further four years to transform these grapes into Gusbourne’s wine.

Additional funding will be sought by the company over the coming few years to invest in vineyards, winery capacity, and stocks of wine as well as brand development.

Chief executive Ben Walgate said: “I am delighted with the continued progress of the company in line with our long term development plan, including operational expansion and the continued development of the Gusbourne brand.

“The production of premium quality wine from new vineyards is, by its very nature, a long-term proposition. With the rigorous standards that we employ it is an eight-year cycle from planting a vine to selling the finished product.”