Business
Interim Results
Interim Results.
About this update from Artisanal Spirits Company Plc
[{"type":"text","content":"\n\n18 September 2023\n \nThe Artisanal Spirits Company plc\n('Artisanal Spirits', 'ASC' or 'the Group')\n \nInterim Results for the Six Months to 30 June 2023\n \nContinued positive progress towards our 2024 ambition\n \nThe Artisanal Spirits Company (AIM: ART), curators of the world's favourite, single-cask and limited-edition whisky, and owner of The Scotch Malt Whisky Society (\"SMWS\") which marks 40 years since its inception this year, is pleased to announce its half year results for the six months ended 30 June 2023. The Group has continued to deliver on its strategic plan and objectives - progressing a disciplined investment programme and range of operational initiatives to facilitate the Group's long term, sustainable growth. \nPerformance highlights\n \n\n\n\n\n•\n\n\nOngoing strategic progress maintaining consistency of delivery against expectations.\n\n\n\n\n•\n\n\nRevenue of £10.2m representing +3% increase in H1-23, with growth momentum gained in Q2-23, delivering +7% growth following a relatively flat Q1.\n\n\n\n\n•\n\n\nSMWS membership growth of 9% vs H1-22, with double digit growth in Europe, US, Japan and Franchises. China also returned to membership growth through Q2, with membership up +8% vs H1-22. \n\n\n\n\n•\n\n\nEurope online and UK Venues continued to achieve strong outperformance with 21% and 23% growth respectively.\n\n\n\n\n•\n\n\nAdjusted EBITDA in H1-23 represents a loss of £1.8m against a prior year EBITDA loss of £0.3m. Revenue growth and profit delivery are weighted to the second half, and we remain on track to deliver positive EBITDA in the full year.\n\n\n\n\n•\n\n\nSMWS was again recognised in 2023 for the quality of its spirits at awards from the top international competitions including The International Spirits Challenge, Scotch Whisky Masters, San Francisco World Spirits Competition and The Tokyo Whisky and Spirits Competition.\n\n\n\n\n \nContinued progress against strategic objectives\n \n\n\n\n\n•\n\n\nContinued successful international expansion;\n· Post period-end launched a new Joint Venture subsidiary in Taiwan (replacing a Franchise agreement) in the world's 3rd biggest total addressable whisky market.\n· Successfully established the new franchise in South ...