Artisanal Spirits, the London-listed owner of the Scotch Malt Whisky Society, announced that its revenue for the first half of 2023 experienced a notable increase. The company expects this growth to align with their projections for 2023.
Promising Financial Performance
In the six months ending on June 30, Artisanal Spirits generated revenue of just over £10 million ($13.1 million), surpassing the £9.9 million recorded during the same period in 2022.
While the online performance in the UK and China during May and June fell short of expectations, the company saw positive momentum in China during the second quarter, with a revenue increase of over 50% compared to the previous quarter.
Strong Performance in Key Markets
Artisanal Spirits reported that its venues in the UK and Europe continued to outperform the previous year, indicating a positive trend. Furthermore, the company anticipates this momentum to persist in China, with a stronger second half expected in both the US and UK markets.
The revenue consensus for 2023 currently stands at £25.2 million, representing significant growth compared to £21.8 million in 2022.
A Positive Outlook
Chief Executive Andrew Dane expressed confidence in the company’s ability to deliver on their full-year expectations. He highlighted Artisanal Spirits’ advantageous position in diversified end-markets and their focus on ultra-premium products. With rising commercial momentum and the flexibility provided by their extensive stock-in-cask, the company is well-positioned for further growth.
