Distil PLC on Wednesday reported a steep fall in revenue and profit, as difficult market conditions across the spirits industry persisted.
Distil owns premium alcoholic drinks brands such as RedLeg Spiced Rum, Blackwoods Gin and Gem Diva, and is based in London.
Distil reported a 59% fall in revenue to £233,000 for the quarter ended December 31, from £571,000 a year before.
Gross margin narrowed six points on-year to 42%, due to fixed costs remaining constant.
As a result, Distil cut advertising and promotional spending by 55%.
Also on Wednesday, Distil said it has extended its partnership with Global Brands Ltd.
Global Brands owns alcoholic drinks brands including VK, Hooch, and Franklin & Sons.
The partnership gives Global Brands full distribution rights in the UK, effective from February 15.
Executive Chairman Don Goulding said: ‘We are confident that the extended partnership with Global Brands will put our brands in the best position within the market and offer important opportunities for growth across the portfolio, and we are working to mitigate the impact on the full-year.’
Shares in Distil were down 12% at 0.10 pence each in London on Wednesday afternoon.
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