Artisanal Spirits Company plc, owner of The Scotch Malt Whisky Society (SMWS), Single Cask Nation (SCN) & J.G. Thomson, published a trading update for the six months ended June 30, 2025, showing a slight fall in revenue and membership.
Artisanal also said that following its recent launch in Vietnam, it is progressing plans to launch a new franchise in India, potentially as early as H2 of 2025.
“India is the largest global Scotch Whisky market by volume,” said Artisanal.
“Whilst entry into the market is expected to deliver marginal returns initially, we believe the long-term opportunity from brand presence and strategy execution, alongside our experienced and well-connected franchise partner, is an important area of future growth for the business as the Indian whisky market further develops.”
On trading, the firm said: “The group has delivered a resilient adjusted EBITDA performance in H1-25, broadly in line with the prior year loss of £1m, despite ongoing tough global trading conditions (2024 SWA export data showed a decline of 4% in Scotch Whisky export value).
“Revenue marginally decreased, largely reflecting the c£1m reduction in rephased US shipments vs H1-24, while we implement our tariff mitigation plan.
“SMWS membership retention remains positive, at around 70%, although there was a marginal decline in overall membership vs Dec 24.
“We have continued to make good progress with cask sales, with an incremental c£1m of revenue in H1-25 supported by the exciting opportunity from H2-25 represented by the recent launch of Artisan Cask, our new luxury private cask programme.
“We are also encouraged to see our members continuing to enjoy and engage in the SMWS in-person experience, with venues revenue up high single digits vs H1-24.
“During the period the US market was impacted by the recent tariff uncertainty. However, we have mitigated this in part through pre-emptive action to take greater control of our US operations from January 2025, ensuring we deploy the right long-term route to market.
“As a result, we have implemented a new approach to US shipments, effective from Q3-25, which should ensure that future planned shipments are completed via the optimal cost route thereby minimising any tariff impact.
“Whilst challenging trading conditions persist, we will navigate these through ongoing revenue diversification, realising the value of our asset base and continued focus on driving efficiencies within our cost base, remaining focussed on achieving EBITDA in line with expectations.”
Artisanal Spirits Company CEO Andrew Dane said: “The group has once again produced a respectable and resilient performance and we continue to make good progress, despite the persistence of volatile global trading conditions. ASC continues to benefit from an excellent and valuable asset base.
“The actions we have, and continue to take, to further diversify our revenue streams are proving effective as we navigate external macro factors – many of which are largely outside our control – to the best of our ability.
“The launch of Artisan Casks, our new luxury private cask programme, provides another incremental income stream for the Group.
“We remain confident in the future opportunity for ASC and continue to build the business for the medium to longer term with entry into exciting new markets such as Vietnam, as well as progressing our plans for a future launch in India.
“This, together with a continued focus on rigorous cost efficiencies, stand us in good stead to deliver profitable growth in line with current market expectations.”