8th Dec 2023 09:17
(Alliance News) - Artisanal Spirits Co PLC on Friday said its annual revenue will be shy of market expectations on an underwhelming showing in China and as sales of a new product were slower than predicted.
Artisanal Spirits share price was down 19% at 46.75 pence each in London on Friday morning.
The Edinburgh-based curator and provider of scotch malt whisky now expects revenue for 2023 of around GBP23 million, a rise of 5.5% from GBP21.8 million in 2022. This would fall short of the GBP25 million predicted by consensus, however.
Its expectation of 25% growth in second half revenue "may not be fully met", it warned. Artisanal has blamed this on a tepid performance in China in the fourth quarter of 2023.
"Secondly, the group has experienced a slower than anticipated rate of sales on the brand-new 50th anniversary member cask sales programme launched at the end of November," Artisanal added.
Artisanal expects adjusted earnings before interest, tax, depreciation and amortisation for the second-half to be "nearer to GBP2 million", meaning it will record a roughly "breakeven" adjusted Ebitda for the full-year. It achieved an adjusted Ebitda of GBP394,000 in 2022.
The group's Scotch Malt Whisky Society passed a 40,000 member milestone in the organisation's 40th year, it said.
Chief Executive Officer Andrew Dane commented: "Our model is robust, throughout FY23 we have ensured that we have the right cost base for the business, we are well financed and we remain confident of future profitable growth."
By Hugh Cameron, Alliance News reporter
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