Distil PLC on Thursday announced a positive outlook as the company rebuilds its business model.
The London-based premium drinks producer, whose brands include RedLeg Spiced Rum and Blackwoods Gin and Vodka reported that in the year to March 31, its pretax loss widened to £710,000 from £95,000 a year prior. Volumes fell 40% and revenue contracted by 37% and revenue dropped to £1.3 million, below market expectations, from £2.9 million.
Looking ahead, the company is optimistic as it aims to launch a blended malt whisky as part of a partnership with Ardgowan in the second half of its financial year ending September 30.
‘The team will be working diligently over the coming months to bring the new brands to market, and we look forward to sharing more detail with shareholders in due course. Progress remains positive at the Ardgowan site, with internal renovation works to the gin building complete, and the still due for installation in May,’ Distil said.
The company said it is well positioned to grow value for customers and shareholders. It aims to issue market guidance for financial 2024 alongside its financial 2023 results in June.
Distil shares were 5.3% higher at 0.50 pence each in London on Thursday afternoon.
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