Artisanal Spirits Company, owner of The Scotch Malt Whisky Society (SMWS), Single Cask Nation (SCN) & J.G. Thomson, said in an AGM statement it has achieved double-digit revenue growth in the first four months of the year.

Artisanal said it is working to further develop its model to offset the majority of the impact of US import tariffs, before the next shipments in Q3 of 2025.

“The board is pleased to confirm that the positive start to the year has continued over the first four months,” said the firm.

“The group achieved double-digit revenue growth, resulting in year-on-year profitability improvement in the period, more than offsetting the previously announced one-off £0.5m investment in SMWS America (SMWSA).

“Supporting our full year performance ambitions, we are on track to deliver two of our key strategic initiatives for the year:

“Firstly, in January 2025 we completed the investment in the SMWS America (SMWSA) business, resulting in us taking a greater proportion of the value chain, through our full control of membership and marketing services.

“This has already delivered improvements in operating model and an optimised cost base, and we are working to further develop our model to offset the majority of the impact of US import tariffs, before the next shipments in Q3-25.

“Secondly, in the coming months we will launch our new private cask and luxury experience programme, led by our new Commercial Director James Mackay, who joined the company in January 2025 from Diageo where he was previously Global Private Client Director.

“The performance to date, further strategic priority progress and expectation of further year-on-year EBITDA improvement in the remainder of the year, gives further confidence of delivering revenue and profit growth in the current year.

“Whilst still early in the financial year, the Group remains on track to meet Full Year 2025 consensus EBITDA of £1.5m.”