Artisanal Spirits Company resilient despite US weakness
By Josh White
Date: Wednesday 10 Sep 2025
(Sharecast News) - The Artisanal Spirits Company reported resilient first-half results on Wednesday, with adjusted EBITDA maintained despite softer trading conditions in some markets and a decline in US shipments.
Revenue for the six months ended 30 June fell 4% year-on-year to £9.7m, reflecting a rephasing of around £1m of US shipments and weaker consumer sentiment there.
Excluding the US, underlying revenue grew 6%, supported by cask sales and a 6% rise in venues income.
Adjusted EBITDA was unchanged at a £1m loss, while reported EBITDA widened to a £1.5m loss.
Pre-tax losses narrowed 17% to £3.6m.
Net debt rose to £29.5m from £27m, with the group highlighting a heavier weighting of shipments in the second half.
Membership numbers increased 3% to 41,400, with retention steady at 70%.
Growth was strongest in Europe, while numbers in Asia and the US declined.
The company said it was diversifying revenue with the launch of the Artisan Casks private cask programme, new product collections, and franchise agreements in India and Vietnam.
Single Cask Nation shipped its first volumes into Brazil, while the Scotch Malt Whisky Society secured a UK partnership with American Express, bringing in almost 1,000 new members.
"Our diversified revenue streams, strong member engagement and disciplined cost management have enabled us to deliver adjusted EBITDA in line with the prior year, despite a softer trading environment in certain geographies," said chief executive Andrew Dane.
"H1 has seen the successful launch of Artisan Casks, as well as our expansion into India and Vietnam which mark important steps as we continue to build this unique business for the medium to longer term."
Looking ahead, ASC said trading in the second half was in line with expectations, with momentum in Europe and China, resumed US shipments and early contributions from the Artisan Casks programme.
The group reaffirmed its guidance for full-year revenue of £26m and EBITDA of £1.5m, compared with £23.6m and £1.1m in 2024.
At 1139 BST, shares in the Artisanal Spirits Company were up 1.15% at 44p.
Reporting by Josh White for Sharecast.com.
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