REG - Artisanal Spirits Co - AGM Statement

Artisanal SpiritsAnnouncement

22/05/2024 07:00

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RNS Number : 3596P  Artisanal Spirits Company PLC (The)  22 May 2024

 

22 May 2024

 

The Artisanal Spirits Company plc

 

("The Artisanal Spirits Company", "ASC" or "the Group")

 

AGM Statement

 

Mark Hunter, Chair of The Artisanal Spirits Company (AIM: ART), creator of
outstanding, limited-edition whiskies and experiences around the world, and
owner of The Scotch Malt Whisky Society, Single Cask Nation & J.G.
Thomson, will provide the following trading update statement at its Annual
General Meeting ("AGM") being held at 9.00am today:

 

The Board is pleased to confirm that the positive profit improvement momentum
from H2-23 has continued into early FY24, with Q1-24 EBITDA up by over £0.5m
versus the prior year. This performance is slightly ahead of expectations.

 

With the continued focus on delivering profit, we are actively concentrating
our efforts on maintaining a high quality, committed and engaged membership
which will underpin sustainable revenue and profit growth over the longer
term. Group revenue was broadly flat in Q1-24, in line with expected phasing
for the period, with SMWS membership also broadly stable. We continue to
anticipate full year consensus revenue growth of mid-single digit percentage
year on year.

 

Single Cask Nation ("SCN") has had a positive start to trading since being
acquired by the Group in January 2024. SCN is both complementary and
incremental to our existing business, in addition to being strategically well
aligned with ASC's stated ambition to further grow its presence in the USA and
take greater advantage of the sizable and growing American Whiskey market. SCN
has delivered a very solid sales performance on inaugural releases, across
both e-commerce and retail in the USA, providing good initial momentum for the
business.

 

The positive momentum and delivery to date, and expectation of further year on
year EBITDA improvement in Q2-24, gives further confidence of the path to
profitability. Whilst still early in the financial year, the Group remains on
track to meet Full Year consensus EBITDA of £1m.

 

 For further enquiries:

 The Artisanal Spirits Company plc                        via Instinctif PR

 Andrew Dane, Chief Executive Officer

 Billy McCarter, Chief Financial Officer

 Liberum Capital Limited (Nominated Adviser and Broker)   Tel: +44 (0) 20 3100 2222

 Edward Thomas

 Dru Danford

 John More

 Instinctif Partners (Financial PR)                       Tel: +44 (0)20 7457 2020

 Justine Warren

 Matthew Smallwood

 Joe Quinlan

 

Notes to Editors:

About The Artisanal Spirits Company

ASC's purpose is to captivate a global community of whisky adventurers,
creating and selling outstanding, limited-edition whiskies and experiences
around the world with an ambition to create a high quality, highly profitable
and cash generative, premium global business.

Based in Edinburgh, ASC owns The Scotch Malt Whisky Society (SMWS), Single
Cask Nation (SCN) and J.G. Thomson (JGT). Owning over 17,000 casks primarily
comprising Single Malt Scotch Whisky, ASC's stock includes outstanding whisky
(and other spirits) from 150 different distilleries across 20 countries which
is sold to members both as individual bottles and whole casks.

With an established global presence in some 30 countries, SMWS operates a
direct-to-consumer model (90% of revenue) primarily through e-commerce, in
addition to four member rooms in the UK. SMWS provides members with inspiring
experiences, content and exclusive access to a vast and unique range of
outstanding, expertly curated Scotch malt and other whiskies.

In January 2024, ASC acquired SCN which sources, curates and bottles
single-cask whiskies and other spirits selling both online and via traditional
retail channels to its following of over 10,000 whisky enthusiasts in the USA.
SCN also retails to key international whisky markets around the world.

Launched in the UK in late 2021, JGT has a focus on outstanding small batch
blended malt whiskies and other spirits, available both through
direct-to-consumer online sales and through traditional retail channels. The
award-winning brand has subsequently expanded into international markets.

With proven e-commerce reach and a growing family of brands, ASC is building a
portfolio of limited-edition and small-batch whisky and other spirits brands
for a global movement of discerning consumers - delivering revenue of £23.5
million in FY23, predominantly from outside the UK, with an expanding presence
in the other key global whisky markets including USA, China, Europe, Japan,
Australia and Taiwan.

ASC has a pioneering business model, a substantial and growing addressable
market presenting a long-term global opportunity and a strong and resilient
business primed to deliver growth.

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