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LONDON (Alliance News) - Distil PLC on Tuesday said its fourth quarter revenue and volume results were in line with expectations despite these being more than a 30% drop on the comparative year ago period.
Shares in the owner of premium drinks brands were trading down 9.1% at 1.91 pence each on Tuesday morning.
For the final quarter of the year to March 31, the RedLeg Spiced Rum owner reported revenue down 33% and volumes falling 32% on the prior year.
The company said the plunge resulted from the "earlier phasing of our promotional activities" which benefited sales in the third quarter.
"Our fourth quarter result was in line with expectations following a very strong third quarter performance where we increased marketing activity and shipments to our distributors," Chair Don Goulding said.
"We expect continued growth in our core Rum and Gin markets during 2019 and will continue to invest in our brand marketing to grow our market share. In March we announced the launch of our new RedLeg variant, sales of which commence in the on-trade in early June."
Looking ahead, Distil said it expects annual results to be in line with current market expectations.
