Continued positive progress towards our 2024 ambition

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”) which marks 40 years since its inception this year, is pleased to announce its half year results for the six months ended 30 June 2023. The Group has continued to deliver on its strategic plan and objectives – progressing a disciplined investment programme and range of operational initiatives to facilitate the Group’s long term, sustainable growth.

Performance highlights

• Ongoing strategic progress maintaining consistency of delivery against expectations.
• Revenue of £10.2m representing +3% increase in H1-23, with growth momentum gained in Q2-23, delivering +7% growth following a relatively flat Q1.
• SMWS membership growth of 9% vs H1-22, with double digit growth in Europe, US, Japan and Franchises. China also returned to membership growth through Q2, with membership up +8% vs H1-22.
• Europe online and UK Venues continued to achieve strong outperformance with 21% and 23% growth respectively.
• Adjusted EBITDA in H1-23 represents a loss of £1.8m against a prior year EBITDA loss of £0.3m. Revenue growth and profit delivery are weighted to the second half, and we remain on track to deliver positive EBITDA in the full year.
• SMWS was again recognised in 2023 for the quality of its spirits at awards from the top international competitions including The International Spirits Challenge, Scotch Whisky Masters, San Francisco World Spirits Competition and The Tokyo Whisky and Spirits Competition.

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