The group reported a distinct improvement in trading momentum during the second half of the year across its key geographies, including the UK, Europe, the USA, and China.

The Scotch Malt Whisky Society maintained a stable underlying membership of 40,000, supported by a strong retention rate of just over 70 per cent. Recruitment strategies proved highly effective, particularly in the UK and China, which both experienced record years for underlying recruitment.

Globally, the Society welcomed over 11,000 new members. This influx was matched by improved member engagement; online bottle sales in Europe shifted from flat performance in the first half to single-digit growth in the second, while UK venues delivered consistent revenue growth throughout the year.

International markets showed signs of recovery and expansion. The rate of revenue decline in China slowed significantly in the second half, and the US market returned to positive territory, delivering mid-single-digit growth in the fourth quarter.

Single Cask Nation achieved double-digit revenue growth, a resilient performance given that a shipment representing approximately 10% of sales was postponed to January 2026 due to a US Government shutdown.

Cask sales also saw double-digit growth, bolstered by the encouraging launch of the Artisan Casks brand.

The group has confirmed it will publish its full-year results on 30 March 2026.