Artisanal Spirits Company shares increased 2.9% to 56.1p in late afternoon trading on Wednesday after the firm noted confidence in doubling its revenue between 2020 and 2024 in its HY 1 2022 trading update.
The group reported a 25% revenue growth to almost £10 million compared to £7.9 million in HY1 2021, with Artisanal Spirits highlighting a strong performance from China with a 50% rise in sales as a result of high FY 2021 membership demand and on the ground promotional activities.
Scottish Malt Whisky Society (SMWS) membership increased 24% to over 35,000 from 28,700 year-on-year, acting as a key indicator of company growth.
The alcoholic beverages group mentioned progress on its new multi-purpose supply chain facility at Masterton Bond in preparation for operational use in HY2 2022.
The company said completion of the project would have a positive impact on operating margins, with benefits expected to become evident in FY 2022.
Artisanal Spirits Company commented it had experienced no disruption from macro-economic issues in supply chain or production, and the firm reiterated its confidence in delivering sales growth for FY 2022 in line with market expectations.
“As we move into the second half of the financial year and reflect on our first 12 months as a listed company, I am proud of what the executive team and everyone at the business has been able to achieve,” said Artisanal Spirits Company chairman Mark Hunter.
“We have done exactly what we said we would at IPO – with the disciplined programme of investment undertaken and the host of operational initiatives introduced to prepare the Group for long-term, sustainable growth, ASC is now a bigger, stronger and smarter business than it was a year ago.”
“While the operational progress has been remarkable, it is testament to the hard work, determination and planning of our teams that the Group has also been so successful in continuing the trend of delivering outstanding sales performance and driving up SMWS membership numbers at the same time; consistently meeting or beating market consensus revenue expectations while making excellent progress towards our 2024 revenue target.”
