The Artisanal Spirits Company (AIM: ART), owner of The Scotch Malt Whisky Society (SMWS), Single Cask Nation (SCN) and J.G. Thomson, has reported continued momentum in 2025, with double-digit revenue growth recorded over the first four months of the year.
The update, shared at the company’s Annual General Meeting today (21 May), confirms that trading has remained strong, with improved profitability on a year-on-year basis. This growth more than offsets a previously announced one-off £0.5m investment in SMWS America (SMWSA).
The Group is progressing on schedule with two of its key strategic initiatives. In January 2025, it completed its investment in SMWS America, taking full control of membership and marketing operations. The company said is a statement that this change has already improved the business model and cost structure, and work is underway to further mitigate the impact of US import tariffs ahead of the next shipments expected in Q3.
The business also confirmed plans to launch a new private cask and luxury experience programme later this year. The initiative is being led by newly appointed Commercial Director James Mackay, who joined the Group in January from Diageo, where he served as Global Private Client Director.
With positive trading to date, delivery on strategic priorities, and expectations of further year-on-year EBITDA improvements, the Group remains confident in achieving its full-year revenue and profit targets. Consensus forecasts for 2025 EBITDA remain at £1.5 million.
Picture: Andrew Dane, CEO The Artisanal Spirits Company