RNS Number : 3679V
14 April 2021
14 April 2021
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Distil plc (AIM: DIS), owner of premium drinks brands RedLeg
Spiced Rum, Blackwoods Gin and Vodka, Blavod Black Vodka, Trøve
Botanical Spirit, Jago's Cream Liqueur and Diva Vodka, is pleased
to provide an update on trading for the financial year ended 31
Unaudited full year volumes and revenues showed significant
-- Volumes increased 30%
-- Revenues increased 48%
-- Investment in brand marketing and new product development
Don Goulding, Executive Chairman of Distil, said:
"As we were unable to provide market guidance over the past
year, this trading update provides a more detailed report of
year-on-year performance than we would typically provide in our
I am pleased to report strong results at the end of a
challenging 12 months which saw us cope with global lockdowns,
significant operating restrictions in the on-trade channel, and a
tricky Brexit transition.
Over the past year, our team responded well to the many
significant challenges that faced the business. Fortunately we
avoided furloughing any staff and the team is proud of the support
they were able to offer our customers. We were also able to grow
the team, taking on additional staff to manage new product
development (NPD) and marketing.
In a challenging climate, revenues advanced strongly by 48% to
GBP3.616m (unaudited) (2020: GBP2.441m), with increased sales
occurring in most existing markets. Exports surged 81%, and new
export territories were brought onboard.
As a company, Distil grew above spirits market growth, with both
RedLeg Spiced Rum and Blackwoods Vintage Gin growing 50% in
revenue. Source of volume by trade channel was naturally hit by
closures in the hospitality sector, but also across Travel Retail
(Duty Free) which impacted the sales of Blavod Vodka - a brand
which typically enjoys strong sales in this channel - resulting in
a decline of 65%.
Covid impacted gross margins were down from 59% to 56% as we
suffered additional production costs caused by inefficiencies
associated with social distancing measures, and secondary movement
of goods as inventory was transferred to more accessible locations
to ensure we were able to successfully fulfil changes to customer
In addition, we ramped up investment in new product and new
brand development with the launch of further RedLeg variants and a
new botanical spirit brand TRØVE, alongside other NPD which will
come to market in 2021.
Despite Covid-related production charges and investment into
NPD, adjusted EBITDA* like-for-like growth for the full year will
be c.55% to GBP302k (unaudited) (2020: GBP195k), with cash
generation remaining strong, growing by 31%. As at 31 March 2021,
the Company held cash reserves of GBP1m (unaudited).
The outlook for the coming year is positive as restrictions are
eased, consumer confidence grows, and social activity is restored.
Against this backdrop we will confidently continue to drive growth
and invest in new products which offer shareholder value."
*EBITDA is adjusted for share based payment expenses as well as
one-off IFRS 16 amortisation and finance expenses in 2020. There
are no IFRS 16 related amortisation or finance expenses in
For further information:
Don Goulding, Executive Chairman Tel +44 20 3283 4006
Shaun Claydon, Finance Director
SPARK Advisory Partners Limited
Neil Baldwin Tel +44 20 3368 3550
Turner Pope Investments (TPI) Ltd
Andy Thacker Tel +44 20 3657 0050
Distil Plc is quoted on the AIM market of the London Stock
Exchange. It owns drinks brands in a number of sectors of the
alcoholic drinks market. These include premium spiced rum, vodka,
gin, vodka vanilla cream liqueur and are called RedLeg Spiced Rum.
Blackwoods Vintage Gin, Blackwoods Vodka, Blavod Original Black
Vodka, Trøve Botanical Spirit, Diva Vodka and Jago's Vanilla Cream
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(END) Dow Jones Newswires
April 14, 2021 02:00 ET (06:00 GMT)
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