The Artisanal Spirits Company’s releases Interim results

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The Artisanal Spirits Company, curator of single-cask and limited-edition whisky, and owner of The Scotch Malt Whisky Society (“SMWS”) has released its half year results for the six months ended 30 June 2023.

It shows revenues are up 3% to £10.2m with most of this being driven by a strong Q2 after a flat start to the year. Membership is also strong with Europe, US, Japan and Franchsies driving growth of 9% and comes as the SMWS broadens its membership offer in H2 with the introduction of private cask sales.

Although EBITDA is showing a loss of £1.8m against a prior year EBITDA loss of £0.3m, revenue growth and profit delivery are weighted to the second half due to the company says that it remains on track to deliver positive EBITDA in the full year. This will be aided by the Taiwan & Korea launches, weaker comparatives in China from H2-22, and further global progress on cask sales.

Closer to home, the company is looking forward to the launch of the refurbished venue at the Vaults in Leith at the end of September. This includes a Guinness World Record attempt for the largest whisky tasting in the world.

Andrew Dane, CEO of Artisanal Spirits Company, commented, “We are pleased to have achieved year on year revenue growth, particularly within the context of challenging macroeconomic headwinds in some of our key markets and cost of living pressures, with an increase of +7% in Q2 (following a relatively flat Q1) and are proud to have also continued to deliver strong member growth, +9% up on prior year, which is a leading indicator of future revenue growth.

“We have also made continued progress against our strategic objectives with Masterton Bond now fully operational, the successful launches of the South Korea franchise and Taiwan subsidiary and further strengthening of the Exec Team and talent within the business.

“As we look ahead to trading in the balance of the year, despite the ongoing macroeconomic backdrop, we remain focused on delivering EBITDA at the consensus level, with the continued premiumisation trend, our expanding, loyal and engaged membership base and diversified global business model supporting our growth ambitions.

“We also look forward to further delivery of our strategic objectives for the year including continuance of the private cask programme and launch of the new App all on track for this year.”

Picture: Andrew Dane

 

Category: News, Whisky
Tags: Andrew Dane, Artisanal Spirits Company, SMWS, The Scotch Malt Whisky Society