Whisky progress

China’s shutdown an ‘additional challenge’ for Artisanal

Scotch Malt Whisky Society
Artisanal said the company remains on course for growth

Mark Hunter, chair of the Artisanal Spirits Company, owner of the Scotch Malt Whisky Society, says China’s Covid shutdown was presenting “additional challenges” but it remains on course to meet its forecasts for growth.

He will tell shareholders at today’s AGM that the positive momentum in the business referred to in the full-year results in March has continued, with revenue growth in the period to April remaining above 30% year-on-year.

Global membership growth, a leading indicator of future revenue growth, is now slightly ahead of management expectations, up over 6% in the period and 25% year-on-year to just over 35,000.

The new multi-purpose supply chain facility at Masterton Bond should become fully operational in the second half of the year and be a contributor to improving the already strong margins of the business, he will say.

“The Chinese government’s zero tolerance approach to managing Covid-19 has presented additional challenges for our business in that territory in the current quarter.

“However, we continue to make encouraging progress against our strategy and the group remains on course to deliver strong revenue growth for the full year in line with current consensus market expectations.”

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