10th Jun 2019 08:52
LONDON (Alliance News) - Distil PLC on Monday reported double-digit revenue growth in its most recently ended financial year, helped by increased investment in advertising.
The Blackwoods gin and RedLeg spiced rum brands owner said pretax profit for the year to the end of March was GBP160,000, up slightly from GBP157,000 reported a year earlier, as revenue rose 19% to GBP2.4 million.
Revenue growth was boosted by marketing investment, Distil noted, with advertising & promotion spend increasing 48% during the year to GBP688,000.
Distil said its RedLeg spiced rum achieved growth ahead of the overall market despite increased competition. The company invested additional funds in both consumer and trade activities, resulting in the growing number of independent bars, pubs and restaurants now serving RedLeg.
Blackwoods 2017 Vintage dry gin performed "satisfactorily", Distil said, while Blavod Black vodka sales were relatively flat year-on-year.
The company also noted it expanded into Europe, North America and Asia mainly in rum and gins. Distil is also seeking a long-term strategic relationship in the US.
Looking ahead, Executive Chair Don Goulding said: "We will continue to invest in our brands through marketing and promotion which will be particularly important as we anticipate UK consumer confidence will naturally remain fragile through this calendar year."
Distil shares were trading 2.6% higher on Monday morning at 1.95 pence each.
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