(Alliance News) - Distil PLC on Thursday said reduced promotion activities and bad weather hurt its revenue in the first quarter.
The stock was trading 21% lower in London at 1.10 pence a share.
The RedLeg rum and Blackwoods gin brands owner said revenue in the three months to the end of June decreased by 20% on a year before and volumes by 15%.
"Our UK sales are below last year, which had seen growth of 27% versus the previous year, mainly due to fewer promotional slots and poor weather through the quarter especially when compared to 2018. This affected, in particular, our spiced rum sales," said Executive Chair Don Goulding.
Looking ahead, Distil said it plans new promotional activities for the remainder of its financial year, and its full year forecasts remain in line with current market expectations.
Distil (DIS)