LARK Distilling Co. Ltd. (LRK) Q2 2026 Earnings Call

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WEBVTT 00:00:00.605 -- 00:00:05.988 Good morning and welcome to LAC Distilling's half-year FY26 results for the period 00:00:05.988 -- 00:00:11.711 ending 31 December 2025. Today we have LAC CEO Stuart Gregor 00:00:11.711 -- 00:00:16.894 and CFO Ian Short presenting. There will be opportunity at the end of the presentation 00:00:16.894 -- 00:00:22.117 to ask questions. Please submit your questions in the function at the bottom of the screen. 00:00:22.117 -- 00:00:25.098 I will now pass to Stu. 00:00:25.137 -- 00:00:28.540 Thanks, Mel. Good morning, everyone. Thanks for joining us here for Lark's half-year 00:00:28.540 -- 00:00:33.285 results. I'm personally quite honoured and very thrilled to be presenting my first set 00:00:33.285 -- 00:00:38.910 of results as Lark's CEO seven weeks into the job. 00:00:38.910 -- 00:00:44.235 In 2023, under the leadership of my predecessor, CEO Sash Sharma, Lark established 00:00:44.235 -- 00:00:47.857 three foundational strategic projects. 00:00:50.352 -- 00:00:53.252 So some financial highlights. The first half 00:01:23.377 -- 00:01:26.798 In the last few months, we have seen a significant increase in sales revenue of $8.7 00:01:26.798 -- 00:01:29.819 million for the half, a 10% increase. 00:01:53.083 -- 00:01:58.487 net sales saw an 18% increase compared to the first half of 00:01:58.487 -- 00:02:00.388 FY25. 00:02:00.388 -- 00:02:05.772 Gross profit for the half was $5.1 million, an increase of 2%. 00:02:05.772 -- 00:02:10.936 Gross margins were 58%, and while these were down due to the utilisation 00:02:10.936 -- 00:02:17.537 of our higher-cost acquired inventory, underlying margins remained stable at 63%. 00:02:17.537 -- 00:02:21.941 Again, Ian will detail the utilisation of inventory and the fair value impact on our 00:02:21.9...