Artisanal Spirits Company ‘to hit growth forecasts’
Premium whisky curator the Artisanal Spirits Company said it has have felt the wider economic squeeze but expects growth this year.
The Edinburgh-based business said it benefited from its globally diversified footprint and a growing membership.
“We therefore remain confident that we are on track to deliver growth in line with full year expectations, including inaugural positive EBITDA,” it said in an interim statement.
Revenue for the six months to the end of June rose 3% to £10.2m as membership grew by 9%. Ebitda was up 567% to £2m.
“We expect to see an acceleration in revenue growth during H2-23 (full year consensus revenue expectation represents c25% revenue growth vs H2-22), with positive impact of the Taiwan & Korea launches, weaker comparatives in China from H2-22, and further progress on cask sales.
Market expectations for the year ending 31 December 2023 are revenue of £25.2m (2022: £21.8m) and EBITDA of £1.07m (2022: Adjusted EBITDA £0.4m).
Andrew Dane, CEO, commented: “We are pleased to have achieved year on year revenue growth, particularly within the context of challenging macroeconomic headwinds in some of our key markets and cost of living pressures, with an increase of +7% in Q2 (following a relatively flat Q1) and are proud to have also continued to deliver strong member growth, +9% up on prior year, which is a leading indicator of future revenue growth.
“We have also made continued progress against our strategic objectives with Masterton Bond now fully operational, the successful launches of the South Korea franchise and Taiwan subsidiary and further strengthening of the Exec Team and talent within the business.
“As we look ahead to trading in the balance of the year, despite the ongoing macroeconomic backdrop, we remain focused on delivering EBITDA at the consensus level, with the continued premiumisation trend, our expanding, loyal and engaged membership base and diversified global business model supporting our growth ambitions.
“We also look forward to further delivery of our strategic objectives for the year including continuance of the private cask programme and launch of the new App all on track for this year.”