Whisky curator ASC ahead after membership surge
Artisanal Spirits Company, owner of the Scotch Malt Whisky Society (SMWS), slightly exceeded market expectations with 19% revenue growth to £21.8 million and a 12% rise in members.
The company posted a loss before tax of £2.1m, down from £2.7m in the previous year, but saw adjusted EBITDA improve by £1m.
Alongside this, the group delivered double digit growth in whisky stock and value appreciation.
Consequently, the board said it remains confident in delivering its ambition of doubling revenue between 2020 and 2024 and building on the progress made in 2022 towards delivering sustained profitability.
SMWS membership growth increased to 37,400 (2021: 28,700). This included robust growth in European members since the launch of the new EU route to market towards the end of FY21.
Andrew Dane, CEO, said: “Our ambition is to create a global, premium business which is highly profitable and cash generative by delivering the world’s best whisky experiences.
“We have a pioneering model, a long-term global growth opportunity on which we are primed to deliver. We are making significant strategic progress with strong membership growth and delivery of another strong year of profitable growth supported by improvement across all financial and operational KPIs.
“Our markets benefit from underlying structural dynamics which have increased our addressable market. We are seeking to exploit this opportunity by growing our international footprint, including in South Korea and Malaysia.
“The new financial year has begun well. We remain on track to meet our 2024 revenue target of £30m and deliver significant progress on our path to sustained profitability.”
Speaking to Daily Business, Mr Dane said the firm had benefited greatly from its IPO and the next milestone would be to achieve a £100m valuation. The shares closed 5p higher (5.56%) at 95p, giving it a market capitalisation of £66m.