Business
Preliminary Results
Preliminary Results.
About this update from Artisanal Spirits Company Plc
[{"type":"text","content":"\n\n \n \nThe Artisanal Spirits Company plc\n \n(\"The Artisanal Spirits Company\", \"ASC\" or \"the Group\")\n \nPreliminary Results for the year ended 31st December 2024\n \nDelivering profitable growth, cash generation and strong asset backing\n \n \nThe Artisanal Spirits Company (AIM: ART), the creator of outstanding, limited-edition whiskies and experiences around the world, and owner of The Scotch Malt Whisky Society (\"SMWS\"), Single Cask Nation (\"SCN\") & J.G. Thomson is pleased to announce its preliminary results for the year ended 31 December 2024 (\"FY24\").\n \nThe Group delivered EBITDA of £1.1m, a record performance which was slightly ahead of market expectations. In challenging economic conditions, the Group has shown strong resilience to deliver profitable growth and cash generation, which, alongside its strong asset base of cask spirit, gives us continued confidence to meet our future strategic and financial goals.\n \nHighlights\n· Profitable growth; Full year FY24 EBITDA of £1.1m, slightly above consensus expectation of £1.0m\n· Cash generation; £1.5m net debt reduction in H2-24\n· Asset backed; Over 18,000 casks in stock, independently valued in July 2024 at £102m\n· Membership growth; SMWS membership up 4% against prior year\nFinancial Highlights\n· Marginal revenue growth of +0.4% to £23.6m (2023: £23.5m), with continued revenue diversification\n· £1.5m of sustainable, long-term savings across Commission, A&P, Payroll and Overheads\n· EBITDA of £1.1m, up £1.6m vs prior year (2023: (£0.5m)) £1.0m improvement vs prior year adjusted EBITDA*\n· Loss before tax reduced to £3.1m (2023: (£3.6m)), profit growth offset partially by increased interest costs\n· H2-24 reduction in net debt** of £1.5m, resulting in a year end net debt of £25.5m, (Jun-24: £27.0m, Dec 23: £22.6m)\n· Cask stock holding with NBV of £27.8m (2023: £25.9m), which when independently appraised during July 2024 was valued at £102m \n \n\n\n\n\n£'m\n\n\n \nNote\n\n\n12 months to 31 December 2024\...