Distil jumps as it reports strong start to the year

(ShareCast News) - Shares in Distil surged after it reported strong growth in sales and revenue for the start of the new financial year.In a trading update ahead of its half-year results, the company, which owns drinks brand RedLeg, Spiced Rum, and Blackwoods Gin and Vodka, said overall sales volume and revenues were up 26% and 76% respectively on the same period last year.It said this was despite difficult trading conditions continuing in Eastern Europe. The main drivers of the improved performance were increased distribution in key markets particularly the UK and USA, together with increased brand marketing support, said Distil.It added that RedLeg spiced rum in particular continues to perform strongly in the UK as it builds a broader consumer following.Distil said it expects to receive final approval by the US Alcohol and Tobacco Tax and Trade Bureau for RedLeg spiced rum by the end of September and plans to begin shipments in early 2016.The company said it commenced shipment to the USA of the newly packaged Blavod black vodka earlier this year and the product has been well received and is now being shipped to all markets.At 1514 BST, shares were up 19.4% at 0.8952p.