The Artisanal Spirits Company, owner of The Scotch Malt Whisky Society (SMWS), has reported it’s Interim results for the six months ended 30 June 2025, with steady membership growth, ongoing international expansion and strong in-venue performance helping offset temporary pressures in the US market.
The Edinburgh-based business, which also includes Single Cask Nation, J.G. Thomson and Artisan Casks in its portfolio, confirmed adjusted EBITDA matched the same period last year. Total membership rose 3% year-on-year, with retention holding firm at 70%.
Overall revenue fell by 4%, largely due to a re-phasing of US shipments while tariff mitigation plans were implemented. Excluding the US, underlying revenue rose 6%, with cask sales growth helping to offset softer performance in Asia and mainland Europe and the inaugural partnership between SMWS and American Express added nearly 1,000 new members in the UK.
The company’s UK venues continue to be a point of engagement for members, with revenues from in-person experiences up 6% on H1 2024. The successful launch of the Artisan Casks luxury private cask programme and the Creators Collection also contributed positively to H1 performance.
Franchise agreements were also secured in India and Vietnam, both key growth markets for ultra-premium Scotch while Single Cask Nation shipped its first volumes into Brazil, marking another step in the group’s global footprint while retaining its title as Independent Bottler of the Year at the World of Whiskies Awards.
Andrew Dane, CEO of Artisanal Spirits Company, said, “We remain focused on executing our strategy and maintaining profitability, whilst continuing to navigate macro factors in the markets in which we operate. Our diversified revenue streams, strong member engagement and disciplined cost management have enabled us to deliver adjusted EBITDA in line with the prior year, despite a softer trading environment in certain geographies.”Our proven strategy of investing in whisky stock continues to provide ASC with optionality – providing an impressive, award-winning, asset base which satisfies our requirements well into the next decade, delivering a significant uplift in value creation and diversifying our revenue streams through strategic cask sales.
“H1 has seen the successful launch of Artisan Casks, as well as our expansion into India and Vietnam which mark important steps as we continue to build this unique business for the medium to longer term.
“With momentum building in H2, particularly across Europe and China, and US shipments now resuming momentum, we remain on track to deliver FY EBITDA in line with market expectations.”
Looking ahead, the company confirmed trading in H2 to date has met expectations. Artisan Cask sales are gaining momentum since launching in July, and further product activity is expected with the upcoming launch of the Signature range, and new releases under the Creators Collection and Heresy range.
The group continues to target full-year EBITDA delivery through a combination of resumed US shipments, increased SMWS depletions and higher-margin returns from cask sales.