TIDMART
RNS Number : 6120N
Artisanal Spirits Company PLC (The)
24 January 2023
24 January 2023
The information contained within this announcement is deemed to
constitute inside information for the purposes of the UK Market
Abuse Regulation.
The Artisanal Spirits Company plc
("The Artisanal Spirits Company", "ASC" or the "Group")
Full Year Trading Update & Board Changes
The Artisanal Spirits Company (AIM: ART) , curators of the
world's favourite, single-cask and limited-edition whisky, and
owner of The Scotch Malt Whisky Society ("SMWS") , today provides
an unaudited trading update for the financial year ended 31
December 2022 ("FY 2022") and announces a change of leadership with
David Ridley stepping down as Managing Director and Andrew Dane
appointed as CEO following another year of strong growth.
Financial & Operational Highlights:
-- Revenue for the year ended 31 December is expected to show
growth of approximately 20% over the previous year (FY 2021:
GBP18.2 million), with this strong year on year performance being
slightly ahead of the consensus revenue forecast of GBP21.6
million
-- Global membership grew by approximately 12% with c.37,000
members at the year-end, up from 33,000 at the end of 2021.
Retention remained broadly consistent with the prior year level of
77%, demonstrating the loyal nature of the membership base
-- Continued recovery in UK member venues and events: sales now
seeing the benefits of more normalised trading conditions with a
record December
-- Masterton Bond, the Group's multi-purpose supply chain
facility, became operational on time and to budget in Q4 2022
o The facility has had an encouraging start and has commenced
bottling operations with c.20,000 bottles produced, hundreds of
casks delivered and first pallets dispatched from site prior to the
year end
o It is anticipated that, once fully operational, this facility
will improve operating margins by c.2%, with the initial benefits
now starting to be realised and the full effect expected early in
the current financial year
-- RBS revolving credit facility extended by two years and
increased to GBP21.5 million on more favourable terms, providing
additional flexibility to expand and grow all aspects of the
business, ranging from membership, continued investment in the
Group's brand, whisky stocks and international reach. This enhanced
bank facility provides significant headroom to further grow the
business
-- Continued international expansion during the year with an
inaugural franchise agreement in South Korea and a new partnership
with Drinks Alliance in Malaysia
-- An update on the American Whiskey Society proposition will be
given with the Group's full year results in March 2023
-- Confident of continued progress in FY 2023, entering the year
from a position of strength, and continuing to deliver against the
Group's stated strategy, consistent with market expectations
Board Changes:
o David Ridley and the Board have agreed that David steps down
as Managing Director of ASC following six years with the Group in
that role, during which time the business has delivered sustained
revenue growth and, in 2021, successfully IPO'd on the London Stock
Exchange under his stewardship
o The Board is pleased to announce that Andrew Dane, currently
Finance Director, has been appointed as CEO with immediate effect.
Andrew is charged with driving the next phase of growth in line
with ASC's stated strategy which continues to serve the Group well.
Billy McCarter, formerly Group Financial Controller, has been
appointed as Interim Finance Director and the Board has initiated a
search process, comprising both internal and external candidates,
to identify a long-term CFO. Shareholders will be updated on the
outcome of this process in due course
o David will remain available to support the Group until July
2023 in order to assist with an orderly transition, as required
Mark Hunter, Chairman, commented:
"2022 was another strong year of considerable strategic progress
together with further consistent delivery of both financial and
operational goals. We continue to leverage and evolve our
pioneering business model to maximise our long-term global growth
opportunity. Sales have increased by c.20% once again and
membership by c.12% and we remain on track to meet our target of
doubling revenue to GBP30m between 2020 and 2024, whilst continuing
to improve our operating margins.
"We have invested simultaneously in additional whisky stocks
which continue to appreciate, and in advancing our infrastructure
and global reach through the development of our Masterton Bond
multi-purpose supply chain facility and, most recently, new
distribution capability in South Korea and Malaysia. Looking
forward, the investments we have made in 2022 will enhance the
business this year and beyond. With whisky stocks to satisfy demand
into the next decade already acquired and investment-driven cash
burn having already peaked as we pivot towards sustained
profitability, we are well positioned to continue expanding our
business, benefit from the growing appreciation globally of small
batch whisky and the key underlying trends of convenience,
premiumisation and digitalisation which are set to continue to
drive consumer behaviour.
"I would like to take this opportunity on behalf of the Board to
thank David for his leadership and significant contribution at the
helm of ASC over the last six years. He has presided over
impressive levels of consistent growth during his tenure and he
leaves ASC in excellent shape. David leaves with our very best
wishes and we wish him well for the future.
"ASC is fortunate to have a strong and able successor in Andrew
Dane and the Board has confidence in his readiness and capability
as CEO. Since joining in 2020, Andrew has demonstrated strong
operational and commercial credentials in addition to his proven
financial skillset. He knows the business and ASC's wider market
structure well and has been instrumental in developing and
implementing the Group's growth strategy in conjunction with the
wider Executive team. These qualities equip him well to provide
continued leadership as ASC progresses its stated strategy to
unlock its significant future growth opportunity."
David Ridley, commented:
"I have thoroughly enjoyed my time with ASC and am proud of the
Group's success to date. There is demonstrable momentum in the
business and following another year of strong growth, I feel the
time is now right for me to seek a fresh challenge and hand over
the reins for the next phase of ASC's development. I wish Andrew
and the wider team every success for the future."
Shares Magazine Investor Event
As part of its ongoing shareholder engagement programme,
Artisanal Spirits Company will be presenting 'live' at the Shares
Magazine investor event at The Radisson Hotel, Edinburgh on 9
February 2023 at 17.45 GMT. Existing shareholders and potential
investors can register to attend and join the evening event at:
https://www.sharesmagazine.co.uk/events/event/shares-investor-evening-edinburgh-live-event-090223
For further information, please contact:
The Artisanal Spirits Company plc via Instinctif Partners
Mark Hunter, Chairman
Andrew Dane, CEO
Singer Capital Markets (Nominated Adviser & Sole
Broker)
Sandy Fraser
Phil Davies
George Tzimas
Asha Chotai 020 7496 3000
Instinctif Partners (Financial PR)
Justine Warren
Matthew Smallwood 020 7457 2020
About The Artisanal Spirits Company
Notes to Editors: The Artisanal Spirits Company (ASC) are
curators of the world's favourite, single-cask and limited-edition
whisky.
Based in Edinburgh, ASC owns The Scotch Malt Whisky Society
(SMWS) which was established in 1983 and currently has a growing
worldwide membership of over 37,000 paying members.
SMWS provides members with inspiring experiences, content and
exclusive access to a vast and unique range of outstanding single
cask Scotch malt whiskies and other craft spirits, sourced from
over 100 distilleries in 20 countries and expertly curated with
diligence and care.
Since producing the Society's very first cask, we have created
around 10,000 different whisky releases, producing a constant flow
of unique and exciting one-of-a-kind whiskies.
With proven e-commerce reach and new brands like J.G. Thomson,
ASC is building a portfolio of small-batch spirits brands for a
global movement of discerning consumers - delivering over GBP20
million in annual revenues with over 80% of revenue generated
online and over 65% from outside the UK, with a growing presence in
the key global whisky markets including UK, China, USA and
Europe.
ASC has a pioneering business model, a substantial and growing
addressable market presenting a long-term global growth opportunity
and a strong and resilient business, primed to deliver growth.
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END
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