Business
Trading update and new product launch
Trading update and new product launch.
About this update from Distil Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3052L\n Distil PLC\n 12 January 2021\n \n \n \n \n 12 January 2021 \n \n \n Distil Plc\n \n Trading update and new product launch\n \n Distil plc (AIM: DIS), is pleased to report continued strong progress through Q3 together with the launch of a new-to-world Botanical Vodka brand. \n \n \n - Year-on-year third quarter (October to December 2020) revenues increased by 22%, supported by up-weighted marketing investment. \n \n \n \n \n \n - Cumulative revenues for the nine months (April to December 2020) grew 70% versus the same period last year.\n \n \n \n \n - New brand launch: TRØVE Botanical Vodka\n \n Don Goulding, Executive Chairman of Distil, said: \n \n \n \"Q3 is our busiest trading period and despite relatively muted Christmas and New Year celebrations, revenue increased by 22% year-on-year with our key brand growth outperforming their relative categories, and the overall spirits market. \n \n \n Cumulative sales revenues year-on-year for the nine months, through December, are ahead 70%, with domestic sales growing 60% and exports up by 200%. \n \n \n Within these results we have seen sizeable shifts in both product mix and source of volume as a consequence of market and trade channel closures, together with changes in consumer behaviour and rituals. Sales gains in grocery retail and online have largely offset significant declines across both hospitality and travel retail sectors.\n \n \n This is reflected in our brand mix; in Q3 RedLeg Spiced Rum increased revenue by 21% year-on-year, and Blackwoods Gin advanced 41%, however we saw a 25% decline in Blavod Vodka due to its volume being weighted towards Duty Free retail.\n \n \n As Q4 has commenced with further restrictions and uncertainties in all major markets we are unable to provide market guidance for the full year. I can confirm that our primary areas of focus are the health and wellbeing of staff, continuity of product supply, targeted brand marketing and new product development. \n \n \n Our first new product launch in 2021, due late February, is a new-to-world brand 'TRØVE'. Targeting emerging consumer trends towards lower alcohol by volume (\"ABV\") offerings to suit more balanced lifestyles, we have worked in partnership with Master Distiller, Sion Edwards, to create an all-natural botanical vodka ...