Stock boost as Scotch Malt Whisky Society sales rise
20% rise in sales since IPO
Artisanal Spirits Company, owner of the Scotch Malt Whisky Society, said it had invested £1m in spirit stock post admission to AIM and is continuing to build on the vast and unique range of outstanding single cask Scotch malt whiskies.
Total sales for the half year to the end of June grew 20% to £7.9m (H120: £6.6m), slightly ahead of management expectations at the time of the IPO.
It reported strong international sales growth, particularly in the US with performance boosted by the suspension of US tariffs on imports of Scotch whisky in March. As announced on 17 June, the board expects this to result in an uplift in profits.
The recovery in UK venue & events sales following phased reopening in Q2 saw sales grow 25% excluding UK venues & events.
International members grew strongly following a downturn in UK member numbers during the lockdowns, with 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
The company posted a 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, said: “The first half of the year has certainly been an exciting one for the business. We have strengthened 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.”