The Artisanal Spirits Company, owners of The Scotch Malt Whisky Society and of single-cask and limited-edition spirit brands, announced their preliminary results for the year ended 31 December 2022 last week.
Revenues were up 19% to £21.8m and gross profit increased 23% to £13.8 million driven by by 12% growth in membership and double digit growth in whisky stock and value appreciation. This was the result of strong growth in China and UK venues and membership growth in Europe, Australia, the US and Japan. The company also said that they are “continuing our path to profitability” with “adjusted EBITDA in positive territory with £0.4 million achieved” (2021: loss of £0.6 million).
Andrew Dane, CEO of The Artisanal Spirits Company, said, “Our ambition is to create a global, premium business which is highly profitable and cash generative by delivering the world’s best whisky experiences.
We have a pioneering model, a long-term global growth opportunity on which we are primed to deliver. We are making significant strategic progress with strong membership growth and delivery of another strong year of profitable growth supported by improvement across all financial and operational KPIs.
“Over the last year we have continued to make investment for the future in further spirit and wood, as well as our own supply chain facility, and while the rate of cash spend on this has peaked, we will continue to invest, with a focus for FY23 on IT and technology to deliver and accelerate our growth even further.
“Our markets benefit from underlying structural dynamics which have increased our addressable market. We are seeking to exploit this opportunity by growing our international footprint, including in South Korea and Malaysia.
“The new financial year has begun well. We remain on track to meet our 2024 revenue target of £30m and deliver significant progress on our path to sustained profitability.”
Picture: Andrew Dane, CEO of The Artisanal Spirits Company
