Scotch whisky maker Artisanal Spirits Company expects to achieve an EBITDA of £1 million (€1.2 million), in line with its full-year 2024 forecast.
This figure marks an improvement of £1.5 million (€1.8 million) compared to a loss of £0.5 million (€610 million) in its 2023 financial year, the company noted in its latest trading update.
Artisanal Spirits Company's portfolio includes The Scotch Malt Whisky Society (SMWS), Single Cask Nation (SCN) & J.G. Thomson.
The membership of SMWS increased to around 42,000, up 5% compared with June 2024, with significant growth in the UK in the second half, supported by a successful member referral programme.
The company expects full-year revenue to remain flat at £23.5 million (€28.5 million) compared to FY2023.
Andrew Dane, CEO of Artisanal Spirits Company, commented, "Our ambition remains to create a high quality, highly profitable and cash generative, premium global business and we are making good progress on that journey with a creditable performance against a backdrop of uncertain trading conditions prevailing in certain markets.
"We are pleased to have increased membership to around 42,000 whisky enthusiasts and continue to demonstrate the strength of our pioneering model through growing revenue diversification, product innovation, evolution of our cask programme and efficient cost management."
Annual Highlights
Net debt reached £27 million (€32.8 million) in June 2024 due to whisky assets worth around £100 million (€121.3 million), the company noted.
The group added that it has now started to reduce net debt as it transitions into a phase of generating positive operating cash flows.
The company has boosted profitability through product innovation, evolution of cask programme, expansion into new markets and new brands with the acquisition of Single Cask Nation in the USA, as well as a continued focus on efficient cost management.
Dane added, "Our acquisition of Single Cask Nation in the USA is well aligned with our ambition to take greater advantage of the sizeable and growing American Whiskey market.
"The additional investment in our USA operations announced today further augments the exciting opportunity for ASC to deliver profitable growth in this key market."
Artisanal Spirits Company has also completed the buy-out of a 25% minority interest in the SMWS Japan subsidiary.
The company expects further profitable growth in FY2025, in line with its current business strategy.
