Artisanal Spirits Company, owner of the Scotch Malt Whisky Society, has posted a sharp rise in revenue and says it is on track to double income by 2024.

The premium direct-to-consumer seller posted a 27% increase in gross profit to £11.2m (2020: £8.8m) for the year to the end of December on a 21% rise in revenue to £18.2m (2020: £15m), comfortably ahead of market expectations.

The company swung to an EBITDAE loss of £0.6m (2020: profit of £0.6m) amid ongoing investment.

Membership growth in the period was up 18% to 33,327, led by high growth in key markets, and post-period had risen 3% to 34,200 at the end of February.

To the end of December China saw a 57% uplift, the UK rose 20% and the US 18%. There was a significant increase in annual average profit per member from £276 to £332. Lifetime member value is now £1,445 (2020: £932).

The company said it had made a strong start to the new financial year with revenues ahead by over 30% year-on-year, in line with management expectations.

David Ridley, executive managing director, said it had been “an exceptional year” adding: “I am pleased to be able to present such a positive first set of results as a listed business, with strong growth in both sales and member numbers.”

Mid-morning the shares were 5p (6.67%) higher at 80p, off their year low of 75p. The shares were floated last summer at 112p giving it a value of £77.96 million and they peaked at 126p.

Analyst Sahill Shan at Singer described the company’s maiden results as “excellent”.

He said: ” It is executing well against strategy and there is significant room to grow the global membership base per market share in the ultra-premium whisky market. Given an impressive start to post IPO life the share price weakness is unjustified.”