Artisanal Spirits Company in high spirits amid strong start to FY24

Artisanal Spirits Company in high spirits amid strong start to FY24

Andrew Dane – CEO of The Artisanal Spirits Company

The Artisanal Spirits Company (ASC) board, owner of the Scotch Malt Whisky Society (SMWS), has reported year-on-year EBITDA growth of £0.5 million for the first quarter of the year, slightly exceeding expectations.

The board has said the company’s focus remains on maintaining a high-quality, committed, and engaged membership, which is essential for sustainable revenue and profit growth in the long term. Group revenue for Q1-24 was stable, aligning with the expected phasing for the period, and SMWS membership numbers remained consistent. Full-year revenue growth is anticipated to be in the mid-single digits year-on-year.

Since its acquisition by the group in January 2024, Single Cask Nation (SCN) has made a strong start. SCN complements and enhances the existing business and aligns with ASC’s strategic goal to expand its presence in the USA and capitalise on the growing American whiskey market. SCN’s initial sales, through both e-commerce and retail in the USA, have been robust, providing positive momentum for the business.

The positive trends and performance to date, along with expectations of further EBITDA improvement in Q2-24, strengthen confidence in achieving the full-year consensus EBITDA of £1 million. While it is still early in the financial year, the group is on track to meet its targets.

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