(Alliance News) - Artisanal Spirits Co PLC on Tuesday said revenue in the six months to June 30 grew slightly due to strong performance in Europe and the UK, and is confident it will meet full-year expectations.
The Edinburgh, Scotland-based distiller of single-cask and limited-edition whiskies said revenue for the first half of the year is just over GBP10 million pounds, slightly up from GBP9.9 million a year prior. Artisanal noted that 7% of this growth was seen in the second quarter of 2023.
The whisky distiller added there was a continued strong performance in European and UK markets, but online trading in May and June was softer than expected for the UK and China.
Nevertheless, in China, revenue grew by more than 50% in the first three months of the year, and memberships rose by 8% from a year before.
Looking ahead, Artisanal said it remains on track to meet expectations for the full year. It cites current market consensus as revenue of GBP25.2 million, which would be up from GBP21.8 million in 2022, and earnings before interest, tax, depreciation, and amortisation of GBP1.1 million, compared to adjusted Ebitda of GBP400,000 the prior year.
Chief Executive Officer Andrew Dane said: "We are well positioned to deliver further growth from our diversified end-markets and ultra-premium positioning. With increasing commercial momentum and the flexibility of our model to extract value from our extensive stock-in-cask, we are confident in delivering full year expectations."
Shares in Artisanal were up 4.6% at 84.75 pence each in London on Tuesday morning.
By Sabrina Penty; Alliance News reporter
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Artisanal Sp.co (ART)