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The British Honey Company plc, the producer of premium British Honey, Honey-infused spirits and alcohol sanitiser products, is pleased to provide the following update covering the first three months' trading ("Q1") of the current financial year ending 31 December 2021.
Continuing the strong performance achieved in the last quarter of FY2020, total revenues from operations in Q1 2021, excluding hand sanitiser sales, rose to approximately £1.33million. This figure represents a 26 per cent. increase over the £1.05 million of sales for the corresponding period in 2020. Sales of the Company's own brands, including Keepr's and the "Two Birds" which is a key brand of the recently acquired Union Distillers Limited ("Union"), represented 29 per cent. of total revenues with third-party sales comprising the remaining 71 per cent. Strong growth in online sales has continued with 22 per cent. of branded sales being online. Sales of non-alcoholic and low-alcohol products (NO-LO) also continue to rise and are expected to be meaningful contributors going forward. Both increases reflect a noticeable change in consumer purchasing and lifestyle habits. The Company is exploring a range of new products to enhance its B2C proposition which will continue to drive sales of our own brands. Net cash as at 31 March 2021 was £3.3 million.
Online sales growth has been driven in large part by the Group's market-leading proprietary software technology which has enabled seamless integration with a number of third-party platforms, providing key online sales channels. Combined online sales in Q1 accounted for approximately 21% of own brand sales. BHC is committed to further developing its software and will continue to invest in online IT infrastructures and connectivity to other online retailers.
The Company's senior management team has also been strengthened during the period with the recent appointment of Philip Elly as Chief Financial Officer. Prior to joining the Group, Philip has been Financial Controller for Funkin ****tails, a subsidiary of AG Barr PLC, for the past 6 years. Philip brings experience of finance within an SME and PLC together with extensive and highly relevant knowledge of the drinks sector. Both the Sales and Marketing and Software Development teams have been bolstered with key appointments. The Company is currently identifying new independent Non-Executive Directors to join the Board and a further update will be made once individuals have been identified.