10th Jan 2024 12:05
Distil PLC - London-based premium drinks manufacturer with brands including RedLeg Spiced Rum and Blackwoods Gin & Vodka - Says revenue increased 39% to GBP571,000 in the third quarter ended December 31, from GBP411,000 the prior year. Cumulative revenue for the first nine months of its current year rose 38% to GBP1.2 million. Gross profit rose 23% to GBP272,000 in the quarter and by 26% to GBP554,000 in the nine-month period. Distil says Blackwoods revenue more than doubled in the quarter and that the brand is building encouraging traction.
Executive Chair Don Goulding says results show that "despite a challenging economic environment and a suppressed consumer spirits market...the business is continuing to grow". Believes that while the medium-term outlook remains challenging, Distil is "encouraged" by its performance this year.
"Thanks to the flexibility afforded by our business remodel, we are confident that we can continue to build on this growth in Q4, ensuring that our brands and business is well positioned into the new financial year," Goulding adds.
Current stock price: 0.78 pence, up 29% on Wednesday
12-month change: down 14%
By Emma Curzon, Alliance News reporter
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