Artisanal Spirits Company toasts to record revenue and membership growth in 2022

Artisanal Spirits Company toasts to record revenue and membership growth in 2022

Artisanal Spirits Company (ASC), owner of The Scotch Malt Whisky Society (SMWS), reported better-than-expected financial results for the year ended 31 December 2022.

Revenue rose by 19% to £21.8 million, driven by significant growth in China and UK venues, as well as strong membership growth in Europe, Australia, the US, and Japan.

Global SMWS membership increased by 12% to 37,416. Gross profit increased by 23% to £13.8m, while the company’s loss before tax narrowed to £2.1m from £2.7m in 2021.

ASC invested around £5.5m in both cask spirit and wood, raising the total number of casks to 16,500, and ensuring enough whisky stock to satisfy demand through 2028 and beyond. The board remains confident in achieving its target of doubling revenue to £30m between 2020 and 2024.

Andrew Dane, CEO of The Artisanal Spirits Company, commented: “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.

Mr Dane continued: “Over the last year we have continued to make investment for the future in further spirit and wood, as well as our own supply chain facility, and while the rate of cash spend on this has peaked, we will continue to invest, with a focus for FY23 on IT and technology to deliver and accelerate our growth even further.

“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.”

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