Distil revenues grow in Q3
By Iain Gilbert
Date: Wednesday 10 Jan 2024
(Sharecast News) - Alcoholic drinks maker Distil said on Wednesday that revenue and profits had both increased during the third quarter of its trading year.
Distil said revenues increased 39% to £571,000 in the three months ended 31 December, while gross profits increased 23% to £272,000. Volumes were up 10% year-on-year.
The AIM-listed group added that cumulative revenues for nine months to end 31 December were up 38% year-on-year at £1.2m, while year-to-date gross profits were 26% higher at £554,000.
Notably, A&P increased 48% in the quarter to £198,000, representing increased promotional slots in major grocery over the Christmas period.
Chief executive Don Goulding said: "I'm pleased to share the Q3 results which, despite a challenging economic environment and a suppressed consumer spirits market, show that the business is continuing to grow following the business remodel in 2022 and reported growth in H1.
"Despite the medium-term macro outlook continuing to be challenging as the overall spirits market remains soft due to increased pressures on consumer spending, we are encouraged by a positive quarter and the growth achieved year-to-date. 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."
As of 1020 GMT, Distil shares had surged 28.32% to 0.77%.
Reporting by Iain Gilbert at Sharecast.com
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