TIDMART
RNS Number : 5726F
Artisanal Spirits Company PLC (The)
19 July 2021
19 July 2021
The Artisanal Spirits Company plc
("The Artisanal Spirits Company", "ASC" or the "Company")
Half Year Trading Update
The Artisanal Spirits Company (AIM: ART), the owner of The
Scotch Malt Whisky Society ("SMWS"), the leading curator and
provider of premium single cask Scotch malt whisky and other
spirits for sale primarily online to a discerning global
membership, today announces a trading update for the six months
ended 30 June 2021.
GBP'm 6 months 6 months % change
to 30 June to 30 June
2021 2020
UK online sales 1.7 1.3 28%
UK venue & events
sales 0.6 0.7 (17%)
International sales 5.7 4.6 24%
Total sales 7.9 6.6 20%
'000s 30 June 2021 31 December % change
2020
UK members 13.4 13.7 (2%)
International members 15.3 14.6 4%
Total members 28.7 28.3 1%
Highlights:
-- Successful admission to AIM ("Admission") in June 2021, raising gross proceeds of GBP26m
-- GBP1m investment in spirit stock post Admission, continuing
to build on the vast and unique range of outstanding single cask
Scotch malt whiskies
-- Total sales growth of 20% to GBP7.9m (H120: GBP6.6m),
slightly ahead of Management expectations at the time of IPO
-- Strong international sales growth, particularly in the US
with performance boosted by the suspension of US tariffs on imports
of Scotch whisky in March 2021. As announced on 17 June 2021, the
Board expects this to result in an uplift on the profits of the
Company
-- Recovery in UK venue & events sales following phased
reopening in Q2. Excluding UK venues & events, sales grew by
25%
-- Continued strong international member growth and, following a
downturn in UK member numbers during the lockdowns, four
consecutive months of UK member growth to period end, with Q2 UK
recruitment more than double that of the corresponding period in
the prior year
-- Demand from European members remains robust, despite the
ongoing challenges Brexit continues to pose to EU exports
-- Positive outlook for the second half, notwithstanding the
ongoing pandemic uncertainty over future restrictions and impacts
on currency, with Scotch malt whisky remaining in demand, and well
resourced to execute on growth strategy
David Ridley, Executive Managing Director of the Company, said:
"The first half of the year has certainly been an exciting one for
the business. We have strengthend our senior management team,
achieved a successful IPO that will enable us to provide our loyal
and discerning members with even greater whisky experiences, and
trading momentum has continued from the previous year.
"We are pleased that demand is robust both in the UK and
internationally, and it is heartening to see our members returning
to our venues with such enthusiasm. While Brexit continues to
present logistical challenges for exports to the EU, we are working
through these issues. We welcome the long-term suspension of US
tariffs which took effect last month, not only does this provide an
economic benefit to the business but also enables us to progress
our strategic objectives in the USA with confidence.
"We look forward to presenting our maiden set of interim results
in September, and to continued strategic progress in the second
half and beyond."
The information contained within this announcement is deemed to
constitute inside information for the purposes of the UK Market
Abuse Regulation.
For further enquiries:
The Artisanal Spirits Company plc via Alma PR
David Ridley, Managing Director
Andrew Dane, Finance Director
Singer Capital Markets (Nominated Adviser Tel: +44 (0) 20 7496 3000
and Sole Broker)
Sandy Fraser
Rachel Hayes
George Tzimas
Asha Chotai
Alma PR (Financial PR) Tel: +44 (0)20 3405 0205
Josh Royston artisanalspirits@almapr.co.uk
David Ison
Harriet Jackson
Molly Gretton
About The Artisanal Spirits Company
Artisanal Spirits Company (ASC) is based in Edinburgh. It owns
The Scotch Malt Whisky Society (SMWS) which was established in 1983
and currently has a growing worldwide membership of 28,000 paying
subscribers.
Harnessing the experience of some of the most knowledgeable
stewards in the industry, SMWS provides members with inspiring
experiences, content and exclusive access to a vast and unique
range of outstanding single cask Scotch malt whiskies and other
craft spirits, sourced from over 100 distilleries in 20 countries
and expertly curated with diligence and care. In 2020 over 85% of
Group revenue was generated online, whilst 9% was generated through
SMWS's four UK venues.
Having initially proven its premium experience model in the UK,
SMWS is now able to offer its unrivalled breadth of distinguished
flavours to an expanding international market, with 69% of 2020
sales from outside the UK. SMWS has a growing presence in the key
international whisky markets of UK, China, USA and Europe.
ASC is building a portfolio of premium brands that bring
together some of the world's best producers with a growing movement
of discerning consumers by curating unrivalled collections of craft
spirits.
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END
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