29th Jun 2020 11:31
(Alliance News) - Distil PLC on Monday reported an improved annual profit resulting from a small revenue increase and slight reduction in administrative expenses.
Shares in Distil were down 14% at 1.01 pence in London.
The company, which owns the Blackwoods Gin and Vodka drinks brand, posted GBP184,000 in pretax profit for the ended March 31, up 15% from the previous year's GBP160,000 profit.
Revenue was slightly higher at GBP2.44 million compared to GBP2.40 million the previous year, which did improve profit. On top of which, total administrative expenses fell to GBP1.26 million from GBP1.27 million.
Executive Chair Don Goulding said: "Our core brands and new products performed well in a highly competitive market. Our operating profit grew year-on-year and we remain in a strong cash position, debt free.
As at March 31, the company had cash reserves of GBP858,000 compared to GBP1.1 million the year before.
Goulding said "I am particularly pleased with the rum products we launched this year as they gained traction with consumers in the UK and our key international markets. Based on this success, we further strengthened our new product development capability to benefit from the opportunities that will naturally flow from new market conditions.
"In response to the Covid-19 related lockdown in all of our markets, we remained agile and adapted well to market challenges and closures. The excellent performance of our team ensured continuity of supply throughout the period."
By Anna Farley; [email protected]
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