Artisanal Spirits Company plc, owner of The Scotch Malt Whisky Society (SMWS), on Monday published a trading update for the six months ended June 30, 2021 — its first such statement since joining the stock market on June 4.
Artisanal reported total sales growth of 20% to £7.9 million “slightly ahead of management expectations at the time of IPO.”
The company noted “strong international sales growth, particularly in the US with performance boosted by the suspension of US tariffs on imports of Scotch whisky in March 2021.”
The Scotch Malt Whisky Society is a curator and provider of premium single cask Scotch malt whisky and other spirits for sale primarily online to its 28,700 global membership.
Artisanal said it has a “positive outlook for the second half, notwithstanding the ongoing pandemic uncertainty over future restrictions and impacts on currency” with Scotch malt whisky remaining in demand and the company “well resourced to execute on growth strategy.”
Artisanal Spirits executive managing director David Ridley said: “The first half of the year has certainly been an exciting one for the business.
“We have strengthend our senior management team, achieved a successful IPO that will enable us to provide our loyal and discerning members with even greater whisky experiences, and trading momentum has continued from the previous year.
“We are pleased that demand is robust both in the UK and internationally, and it is heartening to see our members returning to our venues with such enthusiasm.
“While Brexit continues to present logistical challenges for exports to the EU, we are working through these issues.
“We welcome the long-term suspension of US tariffs which took effect last month, not only does this provide an economic benefit to the business but also enables us to progress our strategic objectives in the USA with confidence.
“We look forward to presenting our maiden set of interim results in September, and to continued strategic progress in the second half and beyond.”