In its interim results for the six months to 30 June 2025, the company reported that adjusted EBITDA remained stable at a loss of £1 million, in line with the previous year. However, total revenue fell by 4% to £9.7m. The company attributed this primarily to a £1m reduction in US shipments, impacted by tariff mitigation plans and weaker consumer confidence.

Excluding the US, underlying revenue grew by 6%, buoyed by strong cask sales and a 6% increase in revenue from the company’s members’ venues. Total membership also grew by 3% to 41,400, driven by a 10% rise in Europe which offset declines in Asia and the Americas. The period saw net debt rise from £27m to £29.5m.

Strategically, the company has focused on diversification. It launched a luxury private cask programme, Artisan Casks, and secured new franchise agreements in the key markets of India and Vietnam. A partnership with American Express in the UK successfully attracted nearly 1,000 new members to the SMWS.

Looking ahead, the firm stated that trading in the second half of the year has been in line with expectations. It remains on track to meet the full-year market consensus for revenue of £26m and an adjusted EBITDA of £1.5m, anticipating that US shipments will regain momentum.

Chief executive Andrew Dane commented that despite navigating “macro factors”, the company’s diversified revenue streams and cost management had delivered a resilient performance. He added that “momentum [is] building in H2”, and the company remains on track to deliver on its full-year targets.

Nick Sherrard, managing director at Label Sessions, noted the broader challenges, commenting: “What worked for Scottish whisky in the past is not going to be what unlocks future opportunity, and the industry is becoming more conservative at the precise moment it needs to be most radical.

“Increased access to markets like India and Vietnam will amount to very little if consumers do not see the brands as relevant. In that respect, the Artisanal Spirits Company needs to decide if it is building for the future or optimising for the short term.”