REG - Distil PLC - Final Results
12/06/2024 07:00
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RNS Number : 0299S Distil PLC 12 June 2024
Distil plc
("Distil" or the "Group")
Final Results for year ended 31 March 2024
"A return to revenue growth"
Distil plc (AIM: DIS), owner of premium drinks brands RedLeg Spiced Rum,
Blackwoods Gin and Vodka, Blavod Black Vodka, TRØVE Botanical Spirit and Diva
Vodka, announces its final results for the year ended 31 March 2024.
Operational highlights
· Strategic partnership signed with Global Brands Ltd to service
major UK off-trade customers
· Important wins across RedLeg and Blackwoods in the UK on-trade,
including cocktail listings in major national venue groups
· Export growth +21% value YoY supported by investment into
market-specific activations
· Launch of first RedLeg Limited edition bottling, driving
significant sales uplifts across grocery for the Christmas period
· Control taken off Blackwoods brand home on site of Ardgowan
distillery to implement brand home fit-out
· Return to Brighton for RedLeg with sponsorship of key event and
distribution drive
· 39% reduction in logistical costs
Financial highlights
· Turnover increased 15% to £1.52 million (2023: £1.32 million)
· Gross profit increased 8% to £736k (2023: £684k)
· Volumes (litres) increased 8%
· Margins decreased to 48% (2023: 52%)
· Advertising and promotion spend decreased 12% to £515k (2023:
£582k)
· Operating loss of £1,092k (2023: loss £804k)
· Net cash outflow of £191k (2023: £845k outflow) resulting in
year-end cash reserves of £526k (31 March 2023: £717k)
· Net assets of £6.37 million (2023: £6.80 million) at 31 March
2024
Don Goulding, Executive Chairman of Distil, said:
"I am pleased to report that despite challenging market conditions, Distil plc
has posted double-digit year-on-year sales growth for the 2024 financial year.
Across the total UK spirits trade, volumes have declined as consumers cut back
in response to economic pressures, including the duty increase in August 2023.
This represented the largest duty increase in 50 years and sees spirits
remaining at twice the headline rate of inflation, despite a slowdown in
overall inflation rates in recent months.
Against this difficult backdrop, we have seen a continued expansion of our
brands in the UK on-trade with our partners, Marussia Beverages, having grown
RedLeg flavours 154% at a customer levels, and securing new listings across
both RedLeg and Blackwoods.
In March, we announced our partnership with Global Brands to manage our major
UK off-trade customers and I'm pleased to report that this significant and
fairly complex move went well. Encouraging progress has already been made, and
we look forward to developing this further in the coming year.
Further afield, export value sales grew 21% year-on-year in our key markets,
driven by territory-specific marketing activity across RedLeg, and a 114%
volume increase across the Blackwoods brand, demonstrating the interest in and
support of our vision for the brand, and excitement around the brand home
development.
Although we continue to face increased costs across our supply chain, our
operations and production team has been working diligently with our suppliers
to find efficiencies, and I'm pleased to announce that we have seen a 39%
reduction in logistics costs as a result. This initial result is encouraging,
and efforts will continue into the new financial year to further reduce costs
wherever possible.
At a Board level, Non-Executive Director, Mike Keiller, stepped down from his
position at the AGM and was replaced by former Finance Director, Shaun
Claydon. Adebola Adebo, Finance and Operations Director, Distil Company Ltd,
has assumed Shaun's day-to-day responsibilities.
As we look towards the coming year, we are encouraged to see that the market
is showing early signs of recovery. We are working closely with our
distribution partners in the UK and export markets to ensure that we are well
positioned and have increased our marketing activity at a consumer level to
stimulate further growth. I am confident that we will be able to continue to
build on the success of FY24 as we move into the new financial year and
deliver another year of growth for shareholders."
Distil PLC
Don Goulding, Executive Chairman Tel: +44 20 3405 0475
Spark Advisory Partners Ltd (NOMAD)
Neil Baldwin Tel: +44 20 3368 3550
Mark Brady
Turner Pope Investments (TPI) Ltd (Broker)
Andy Thacker/James Pope Tel: +44 20 3657 0050
This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation No 596/2014 which is part of English
Law by virtue of the European (Withdrawal) Act 2018, as amended. On
publication of this announcement via a regulatory information service this
information is considered to be in the public domain.
About Distil
Distil Plc is quoted on the AIM market of the London Stock Exchange. It owns
drinks brands in a number of sectors of the alcoholic drinks market. These
include premium spiced rum, vodka, gin and are called RedLeg Spiced Rum.
Blackwoods Vintage Gin, Blackwoods Vodka, Blavod Original Black Vodka, TRØVE
Botanical Spirit and Diva Vodka.
Chairman's statement
Performance
I am pleased to report that despite challenging market conditions, Distil Plc
("Distil" or the "Company") posted double-digit year-on-year sales growth for
the 2024 financial year.
During the period we set-out to stabilise the business following the remodel
in the prior year, so these results are encouraging, with strong plans now in
place to continue building on this success in the coming year.
Across the total UK spirits trade, volumes declined as consumers, facing
continued spending pressures, cut back on consumption or switched to
categories that were perceived to be less expensive, such as beer and cider.
Whilst the headline rate of inflation continues to fall, prices within the UK
are still increasing, particularly within spirits which, following the largest
duty increase in almost 50 years, implemented in August 2023, is twice the
headline rate. In tandem with this, the on-trade continues to contract, with
around 16,000 outlet closures in the UK since March 2020 as venues come up
against reduced staff availability, mounting costs, increased utilities bills,
cost of credit, and changing consumer habits.
Despite this backdrop, we made good progress in both the on-trade and
off-trade channels. Our partner in the on-trade, Marussia Beverages, grew
RedLeg flavours 154% at customer level, and has secured significant wins
across both RedLeg and Blackwoods, results of which will be seen in the coming
financial year.
Q4 saw the inking of our new partnership with Global Brands to supply UK
off-trade customers, which will allow Distil to benefit from their extensive
sales and logistics teams while remaining the driver of commercial and
marketing decisions. The Global team has shown great enthusiasm with good
progress having already been made. We look forward to building on this further
going forward.
Conditions have been equally volatile across export markets as customers face
similar challenges, however through close communication and support of our
customers, I am pleased to report that we grew our export sales by 21% during
the financial year.
Despite this growth, the Company reported a loss after tax of £1,167k for the
financial year. However, thanks to initiatives across all functions of the
business, planned new products and new revenue streams, the outlook for the
Company is positive, and we look forward to further growth across the business
in the coming year.
Marketing and new product development
The business remodel has given the team greater control over marketing
investment and allowed us to activate RedLeg directly with consumers. RedLeg's
sponsorship of The Great Escape Festival in Brighton last year, signalled the
brand's return to its launch city and gave us a platform from which to
increase distribution, awareness, and trial across the city. Consumer-facing
events will continue to be a key focus for the business across both RedLeg and
Blackwoods in the coming year to help bring our brands to life.
This year saw the launch of the first RedLeg Limited Edition, available via
RedLeg's ecommerce site, as well as through major UK grocery. The product sold
out at a business level pre-Christmas, and we saw strong performance both in
grocery and online as the refreshed packaging encouraged reappraisal of the
brand. In grocery, we saw the limited edition increase off-promotion sales and
deliver some of our strongest ever sales weeks, recruiting new consumers and
building brand equity. We saw online revenues grow 261% versus the previous
period, demonstrating consumer engagement and demand. We will continue to look
at new formats for the brand to build on these strong results.
In addition to exclusive formats, we have further supported UK grocery
customers with increased investment into promotional slots in tandem with
in-store media to drive awareness at point of purchase. We are working closely
with the team at Global Brands to refine this strategy and further build on
initial positive results.
Progress has continued at Ardgowan, and we were delighted to announce the
successful first distillation at Blackwoods' new home in April 2024. This
first liquid, distilled to the Blackwoods gin recipe using the traditional
one-shot method, with nothing but water added post-distillation to reduce to
bottling strength, will be made available in the summer. We look forward to
sharing more details with shareholders soon. The first distillation kicks-off
a programme of new product development for the Blackwoods brand, which will be
available at the distillery visitor experience.
In addition, the team has been working to design exciting new products,
including new formats and liquids for existing brands, as well as new to world
brands in lucrative new categories. We look forward to sharing further details
with shareholders in due course.
Export growth
We have had a strong year in export markets, where business has grown 7% in
volume and 21% in value. This can be attributed to increased interest in
Blackwoods Gin & Vodka as provenance is established and momentum gathers
pace in the lead-up to the Ardgowan distillery experience opening to the
public.
This year has also seen encouraging results from our in-country marketing
activity for RedLeg, which has recruited new consumers to the brand and
resulted in a strong increase in export sales.
We will continue to build upon this success in the coming year, rolling
market-specific activity out to additional regions to grow existing customers
and open new territories.
Strategic partnership
In Q4, we were delighted to announce our new partnership with Global Brands to
supply UK off-trade customers.
Having worked with its experienced team on our RedLeg ready-to-serve cans with
Franklin & Sons since 2019, we are confident that Global Brands is the
best partner to support our business within the UK off-trade. Distil will
remain the driver of commercial decisions and marketing activity, with Global
Brands servicing customers from a logistics and communications perspective,
allowing Distil brands to benefit from the scale of its business in this
channel.
Encouraging progress has already been made, and we look forward to working
closely with the Global Brands team on both existing business and new
opportunities and seeing the fruits of these efforts in the coming year.
Cost pressures
Management of operations and cost of goods has remained challenging this year
as price increases on key packaging elements continue to flow through due to
inflationary pressures. The team is working hard to mitigate these increases
wherever possible to reduce our cost of goods into the new year, while
ensuring that we maintain the highest standards of product quality.
Ardgowan
Despite challenging weather conditions over the winter, works on the building
at the Ardgowan Distillery which will house the Blackwoods brand experience
accelerated through Q4, and we are delighted that Distil has now taken control
of the building to implement fit-out.
Works have also been progressing at pace on the whisky distillery building,
with the frame for the main distillery now in place and the Ardgowan team
targeting first production at the end of 2024.
We look forward to further deepening our working relationship with the
Ardgowan team as both businesses continue to grow in the coming year.
Equity fundraise
In December 2023 we successfully raised £765k gross proceeds via an equity
fundraise from existing and new investors. The fundraise provided working
capital to enable us to service customers with stock at the busiest time for
the business and, importantly, allows us to support our growth plans through
to March 2025 and beyond. I would like to thank our existing shareholders for
their continued support and also welcome new investors to the Company.
Outlook
The year has not been without its challenges, but I am pleased and encouraged
to be able to report double-digit year-on-year growth across the business.
As we enter the new financial year, we are conscious of continued global
economic pressures and the impact that these will have on both our trade
customers and our end consumers.
However, we are confident that our brands are well positioned so as to remain
attractive propositions within their respective categories, and we are
committed to supporting customers to deliver growth.
Alongside this, we will ensure continued focus on finding efficiencies across
the supply chain to grow our margins, and open new revenue streams in the UK
and further afield.
The team has been working diligently to put the business in a strong position
going into the new financial year, and I am confident that with combined
efforts across business functions, we will be able to continue to build and
deliver another year of growth, increasing value for shareholders.
Strategic report
Results for the year
The loss before tax attributable to shareholders for the year amounted to
£942k (2023: loss before tax £654k).
The market continues to face challenges due to increased living costs and the
duty hike in August 2023. Consequently, consumers have shifted towards other
categories, particularly favouring still wine in the off-trade and beer and
cider in the on-trade. Despite these challenges, year-on-year sales revenues
and volumes increased 15% and 8% respectively during the financial year.
Gross margins experienced a decline to 48% (2023: 52%) primarily due to the
continued increase in the cost of raw materials as our suppliers implemented
price increases in response to inflationary pressures. In the short term, we
anticipate our gross margins to remain subdued as we navigate through these
cost increases. However, we are optimistic that margins will gradually recover
towards previous year levels over the medium term. This is supported by the
anticipated benefits stemming from our shift in business model towards direct
customer supply and the enhancement of our brand's premium status.
Advertising and promotional costs decreased in absolute terms by £67k from
£582k to £515k. As a percentage of sales, advertising and promotional spend
amounted to 33% (2023:44%) during the year. This included the successful
UK launch of the first RedLeg Spiced Rum Limited Edition. The product enjoyed
a strong rate of sale in the run-up to Christmas, both in grocery and online,
increasing off promotion sales, recruiting new consumers and building brand
equity.
The Group seeks to minimise overheads where possible, whilst ensuring
sufficient investment to support the growth in sales of its existing brands
and development of new brands. Other administrative expenses increased by 21%
over the prior year primarily due to an increase in professional fees,
additional staff costs and general inflationary cost increases.
Cash flow
The operating loss, combined with net movements in working capital, resulted
in a net cash outflow from operating activities of £1,018k during the year
(2023: £966k outflow). Net movements in working capital were affected by a
12.7% increase in inventory. This increase was due to bulk purchase aimed at
ensuring sufficient customer stock cover during the busiest trading period and
supporting our growth plan. Whilst we experienced higher sales volumes, the
overall spirits market declined, particularly in the UK where duty increased
significantly, and some customers closed the calendar year. with higher than
usual stock levels impacting purchases in Q4.
Following gross proceeds of £765k (£707k net of share issue costs) from the
equity fundraise in December 2023, convertible loan interest income of £150k
(2023: £150k) from Ardgowan and modest capex, the Company's cash and cash
equivalents decreased by £191k to £526k (2023: £717k) at the financial year
end.
Balance sheet
The Group had net assets of £6.37m at the financial year end (2023: £6.80m).
These included £3.0m of financial assets (2023: £3.0m), in the form of our
investment in Ardgowan, further details of which are set out below, cash
reserves of £0.53m (2023: £0.72m) and intangible assets of £1.45m (2023:
£1.63m) including expenditure on trademarks related to our brands.
Inventories increased to £1.21m (2023: £1.07m) primarily due to softer than
expected spirit market volume sales.
Principal activities and business review
Distil Plc (the "Company") acts as a holding company for the entities in the
Distil Plc Group (the "Group"). The principal activity of the Group throughout
the period under review was the marketing and selling of RedLeg Spiced Rum,
Blackwoods Vintage Gin, Blackwoods Vodka, Blavod Original Black Vodka, TRØVE
Botanical Spirit and Diva Vodka.
During the 2024 financial year we encountered challenges in the form of a
softer-than-expected UK spirit market, impacted by inflationary pressures
across our supply chain and ongoing economic difficulties. Across the total
spirits trade, volumes declined as consumers, facing continued spending
pressures, cut back on consumption, or turned to categories perceived as less
expensive, such as beer and cider. Although the headline rate of inflation
fell, prices within the UK continued to rise, particularly within the spirit's
sector. This was exacerbated by the August 2023 duty increase, the largest tax
hike in almost 50 years, which added to the ongoing inflationary pressures
across our supply chain.
Our focus for the upcoming year is on driving revenue growth both domestically
and internationally. In the UK the establishment of our new partnership with
Global Brands enables us to leverage access to their expansive sales network
and proprietary logistics and warehouse capabilities, benefitting our UK
grocery, cash and carry and convenience customers. This partnership presents
an exciting opportunity to collaborate with a longstanding partner, boosting
brand growth going forward. Similarly, following some key wins last year, we
are committed to maintaining a close working relationship with our UK on-trade
partner Marussia Beverages UK to continue to drive growth of our brands
through this channel.
We further plan to achieve growth through strategic marketing efforts,
expanding our sales channels, opening new export markets, and introducing new
products to the market. Concurrently, we are committed to ensuring that our
overhead costs remain appropriate for the size and scale of our operations.
Key performance indicators
The Group monitors progress with reference to the following key performance
indicators:
· Sales turnover versus previous year
Total sales increased £203k year-on-year to £1.52m (2023: £1.32m). Sales of
RedLeg Spiced Rum which accounts for most of the sales revenue increased 17%
whilst Blackwoods gin posted a 69% increase in revenue during the period.
Blackwoods Vodka experienced an increase in sales of 147%.
· Contribution - defined as gross margin less advertising and
promotional costs.
Contribution for the year increased £119k to £221k (2023: £102k), an
increase of 117% This increase was primarily due to a 15% increase in overall
sales revenues whilst advertising and marketing costs fell 12% compared to
prior year.
· Gross margin versus previous year
Gross margin experienced a reduction to 49% (2023: 52%) due to continued
increases in the cost of raw materials. We expect our adjusted distribution
strategies to alleviate these cost escalations in the short to medium term. By
capturing additional margin from the supply chain and focusing on the
premiumisation of our brands, we aim to counteract the impact on gross margin.
We also closely monitor both the level of, and value derived from our
advertising and promotional costs and other administrative costs. Advertising
and promotional expenses accounted for 34% of revenue (2023: 44%) during the
year, reflecting our continued commitment to investing in existing and new
brand development.
Other administrative costs increased 21% to £1,094k (2023: £903k). This was
primarily due to an increase in professional fees, an increase in staff costs
and general inflationary cost increases.
Principal risks and uncertainties
As a relatively small but growing business our senior management is naturally
involved day to day in all key decisions and the management of risk.
The Directors are of the opinion that a thorough risk management process has
been adopted by the Board, which involves a formal review at Board level of
the principal risks identified below. Where possible, structured processes are
in place to monitor and mitigate such risks.
· Economic downturn
The success of the business is reliant on consumer spending. An economic
downturn, resulting in reduction of consumer spending power, will have a
direct impact on the income achieved by the Group. In response to this risk,
senior management aim to keep abreast of economic conditions. In cases of
severe economic downturn, marketing and pricing strategies will be modified to
reflect the new market conditions.
· High proportion of fixed overheads and variable revenues
A large proportion of the Group's overheads are fixed. There is the risk that
any significant changes in revenue may lead to the inability to cover such
costs. Senior management closely monitor fixed overheads against budget
monthly and cost saving exercises are implemented wherever possible when there
is an anticipated decline in revenues.
· Competition
The market in which the Group operates is highly competitive. As a result,
there is constant downward pressure on margins and the additional risk of
being unable to meet customer expectations. Policies of constant price
monitoring and ongoing market research are in place to mitigate such risks.
· Failure to ensure brands evolve in relation to changes in
consumer preferences
The Group's products are subject to shifts in consumer trends and the Group is
therefore exposed to the risk that it will be unable to evolve its brands to
meet such market changes. The Group carries out regular consumer research on
an ongoing basis to carefully monitor developments in consumer taste.
· Portfolio management
A key driver of the Group's success lies in the mix and performance of the
brands which form the Group's portfolio. The Group constantly and carefully
monitors the performance of each brand within the portfolio to ensure that its
individual performance is optimised together with the overall balance of
performance of all brands marketed and sold by the Group.
Future developments
We remain focused on four key growth drivers to maintain profitable brand
growth and create value. These are listed below:
Brand activation and marketing at the point of sale:
· Precise timing and frequency of promotional activity including
occasions & gifting.
· Bringing promotions to life and aligned with changing consumer
needs.
· Marketing and promotional activity tailored to local market
needs.
Innovation in liquid & packaging development:
· Pack sizes & formats, new brands, liquids, and flavours.
· Limited Edition products.
Route to consumer:
· Build long term relationships with capable local distributors in
each key market.
· Open new territories for each key brand, targeting premium growth
markets.
· Develop new trade channels through format and product.
· Leverage Blackwoods brand home experience which will feature
tours, a cocktail bar, and retail space.
Access to new production and design:
· Across all aspects of distilling, bottling, and packaging.
Consolidated statement of comprehensive income
For the year ended 31 March 2024
2024 2023
£'000 £'000
Revenue 1,523 1,320
Cost of sales (787) (636)
Gross profit 736 684
Administrative expenses:
Advertising and promotional costs (515) (582)
Other administrative expenses (1,094) (903)
Impairment losses (202) -
Share based payment expense (17) (3)
Total administrative expenses (1,828) (1,488)
Loss from operations (1,092) (804)
Finance income 150 150
Loss before tax (942) (654)
Taxation (225) (94)
Loss for the year and total comprehensive income (1,167) (748)
Loss per share
Basic and diluted (pence per share) (0.16) (0.11)
Consolidated statement of financial position
As at 31 March 2024
2024 2023
£'000 £'000
Assets
Non-current assets
Property, plant and equipment 142 153
Intangible assets 1,453 1,633
Financial assets at amortised cost 3,000 3,000
Deferred tax asset 126 351
Total non-current assets 4,721 5,137
Current assets
Inventories 1,205 1,069
Trade and other receivables 580 883
Cash and cash equivalents 526 717
Total current assets 2,311 2,666
Total assets 7,032 7,806
Liabilities
Current liabilities
Trade and other payables 516 854
Financial liabilities at amortised cost 150 150
Total current liabilities 666 1,004
Total liabilities 666 1,004
Net assets 6,366 6,802
Equity
Share capital 1,695 1,474
Share premium 6,704 6,211
Share-based payment reserve 218 201
Accumulated losses (2,251) (1,084)
Total equity 6,366 6,802
Consolidated statement of changes in equity
For the year ended 31 March 2024
Share capital Share premium Share-based payment reserve Accumulated losses Total equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 April 2022 1,474 6,211 198 (336) 7,547
Loss for the year and total comprehensive income - - - (748) (748)
Share based payment expense - - 3 - 3
Balance at 31 March 2023 and 1,474 6,211 201 (1,084) 6,802
1 April 2023
Loss for the year and total comprehensive income - - - (1,167) (1,167)
Shares issued 221 552 - - 773
Share issue costs - (59) - - (59)
Share based payment expense - - 17 - 17
Balance at 31 March 2024 1,695 6,704 218 (2,251) 6,366
Consolidated statement of cash flows
For the year ended 31 March 2024
2024 2023
£'000 £'000
Cash flows from operating activities
Loss before taxation (942) (654)
Adjustments for non-cash/non-operating items:
Finance income (150) (150)
Depreciation 18 16
Expenses settled by shares 7 -
Loss on disposal of property, plant and equipment 1 -
Share-based payment expense 17 3
Impairment of intangible assets 202 -
(847) (785)
Movements in working capital
Increase in inventories (136) (432)
Decrease/(increase) in accounts receivables 303 (196)
(Decrease)/increase in trade and other payables (338) 447
Net cash used in operating activities (1,018) (966)
Cash flows from investing activities
Purchase of property, plant and equipment (8) (2)
Expenditure relating to licences and trademarks (22) (27)
Net cash used in investing activities (30) (29)
Cash flows from financing activities
Proceeds from issue of shares, net of issue costs 707 -
Interest received on convertible loans 150 150
Net cash generated from financing activities 857 150
Net decrease in cash and cash equivalents (191) (845)
Cash and cash equivalents at beginning of year 717 1,562
Cash and cash equivalents at end of year 526 717
1. Basis of preparation and summary of significant accounting policies
The consolidated and company financial statements are for the year ended 31
March 2024. They have been prepared in accordance with UK-adopted
International Accounting Standards ("IFRS").
The financial statements have been prepared under the historical cost
convention. The measurement bases and principal accounting policies of the
Group are set out below.
Distil Plc is the Group's ultimate parent company. The Company is a public
limited company incorporated and domiciled in England and Wales. The address
of Distil Plc's registered office is 201 Temple Chambers, 3-7 Temple Avenue,
EC4Y 0DT and its principal place of business is 73 Watling Street, EC4M 9BJ.
These results are audited; however, the financial information does not
constitute statutory accounts as defined under section 434 of the Companies
Act 2006. The consolidated balance sheet at 31 March 2024 and the consolidated
statement of comprehensive income, consolidated statement of changes in equity
and consolidated statement of cash flows for the year then ended have been
extracted from the Group's 2024 statutory consolidated financial statements
upon which the auditor's opinion is unqualified. The statutory consolidated
financial statements for the year ended 31 March 2024 were approved by the
Board on 11 June 2024 and will be delivered to the Registrar of Companies in
due course.
The financial information for the year ended 31 March 2024 has been derived
from the Group's statutory consolidated financial statements for that year, as
filed with the Registrar of Companies. Those consolidated financial statements
contained an unqualified audit report.
A copy of the Annual Report & Accounts will shortly be available on the
Company's website www.distil.uk.com and will be available from the Company's
registered office.
2. Loss per share
The calculation of the basic earnings per share is based on the results
attributable to ordinary shareholders divided by the weighted average number
of shares in issue during the year.
The diluted earnings per share is calculated based upon dilutive share options
and warrants, see note 16 (c). In the current year, as the Group was loss
making, the share options and warrants have not been included in the
calculation as they would be anti-dilutive.
The earnings and weighted average number of shares used in the calculations
are set out below.
2024 2023
Loss attributable to ordinary shareholders (£'000) (1,167) (748)
Weighted average of number of shares 750,131,429 684,399,579
Basic and diluted per share (pence) (0.16) (0.11)
3. Segment reporting
2024 2023
£'000 £'000
Revenue
UK 1,366 1,190
Export 157 130
1,523 1,320
Gross profit
UK 649 598
Export 87 86
736 684
The directors have decided that providing a geographical split by two
locations, UK and Export, offers an enhanced indicator of business activity.
Only revenue and gross profit can be easily identifiable when splitting
between UK and export markets. All trade is undertaken, and assets are held in
one geographic location, being the UK.
The Group's revenue included 2 (2023: 3) customers making up more than 10%
each during the year:
2024 2023
£'000 £'000
Revenue by Type
Customer 1 859 552
Customer 2 - 217
Customer 3 246 140
Customer 4 - 97
All other customers 419 314
1,523 1,320
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