Edinburgh-based Artisanal Spirits Company plc (ASC), owner of The Scotch Malt Whisky Society (SMWS), said its 2023 revenue increased 8% to £23.5 million — but it made a loss before tax of £3.6 million.

ASC said the loss was “predominantly due to an increase of £1.1 million of interest cost and depreciation of the now fully operational new supply chain facility, Masterton Bond.”

ASC also owns Single Cask Nation and J.G. Thomson.

Artisanal Spirits Company CEO Andrew Dane said: “Despite the globally challenging economic environment in 2023, the group emerged stronger, more resilient and increasingly well positioned for continued growth.

“I was particularly pleased to see the strong revenue and EBITDA delivery in H2-23 which provides momentum for growing profitability in 2024.

“This has continued with a positive start to 2024, with revenue performing in line with expectation in the first two months.

“The core of the group remains the SMWS, which celebrated its 40th anniversary in 2023, with a unique and exciting range of celebrations and product developments.

“In January 2024, we were also thrilled to welcome Single Cask Nation (SCN) to the Group, alongside SMWS and JGT.

“This acquisition is a strong strategic development and is both complementary and incremental to SMWS in the significant and growing US whisky market.

“We remain confident in this US market opportunity, with the very strong finish to 2023 for in-market depletions for SMWSA, continuing with double digit growth in early 2024.

“This sits alongside the range of other strategic initiatives which were delivered in 2023. These, together with the revenue growth and impressive membership expansion give us confidence to support further profitable growth in 2024 and beyond.

“I would like to extend my thanks and recognition to all the fantastic employees within ASC for the hard work and commitment displayed during the year – their resilience, innovation and delivery of outstanding experiences for our members continuing to reach new heights.”