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LONDON (Alliance News) - Drinks company Distil PLC on Wednesday said its pretax loss narrowed and its revenue about doubled in the year to the end of March amid strong international and domestic sales volume growth.
The group, which owns Blavod Black Vodka and RedLeg Spiced Rum, said its pretax loss for the year to March 31 was GBP98,000, narrowed from a GBP289,000 loss a year earlier.
Revenue, backed by an increased investment in marketing, rose to GBP1.2 million, nearly double the GBP666,000 made a year earlier. The extra marketing spend did result in gross margins declining to 61% from 58%, however.
The group secured listings for RedLeg Spiced Rum in two major UK supermarkets over the course of the year and started shipments of Blavok Black Vodka to the US.
"We are pleased to report strong growth year-on-year on the back of increased investment in our brands. The overall business has been transformed and simplified over the past three years and we are benefiting from focus on each of our brands," said Executive Chairman Don Goulding.
Shares in Distil were down 2.2% to 1.1 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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