LONDON (Alliance News) - Spirits company Distil PLC on Friday said it saw a higher level of sales over the Christmas period and said its revenue grew substantially thanks to its shift away from licensed sales towards direct sales.
Distil said its revenue for the quarter to the end of December, its financial third quarter, rose 71%, with volumes rising 31%. This was driven by the higher proportion of direct sales in its mix, from which the company earns higher revenue.
The good sales growth was achieved despite the company seeing lower sales of Blavod Black Vodka in Eastern Europe, which was offset by good growth in the US.
"Despite highly competitive market conditions over Christmas our brands grew in volume and revenue. We continued to increase our brand marketing investment to build consumer awareness and trial in support of wider availability to the consumer," said Executive Chairman Don Goulding.
"We are confident for the fourth quarter of the financial year and expect full-year performance to be in line with the board's expectations. Our plan remains focused on shareholder value creation through the development and success of our brands, and we intend to build on the momentum achieved last year," he added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Distil (DIS)