Edinburgh-based Artisanal Spirits Company (ASC), creator of limited-edition whiskies and experiences around the world, said revenue fell 4% to £9.7 million in the six months to June 30, “largely reflecting the c£1m reduction in rephased US shipments … while we implemented our tariff mitigation plan and reflecting weaker US consumer confidence.”
The Edinburgh firm said the marginal decline in revenue “reflects the uncertainty of the US tariff situation in H1-25.”
Artisanal — which owns The Scotch Malt Whisky Society (SMWS), Single Cask Nation (SCN), J.G. Thomson and Artisan Casks — said its first-half loss before tax widened 17% to £3.6 million.
The company said: “Revenue and gross profit both fell compared to H1 2024 due to the impact of the reduction in shipments to the USA and continued headwinds in Asia, and investment in ensuring price competitiveness, offset by growth in cask sales.”
Artisanal said excluding US shipments, its underlying revenue performance “was up 6% YoY as cask sales growth offset declines in Asia and mainland Europe.”
Artisanal Spirits Company CEO Andrew Dane said: “We remain focused on executing our strategy and maintaining profitability, whilst continuing to navigate macro factors in the markets in which we operate.
“Our diversified revenue streams, strong member engagement and disciplined cost management have enabled us to deliver adjusted EBITDA in line with the prior year, despite a softer trading environment in certain geographies.
“Our proven strategy of investing in whisky stock continues to provide ASC with optionality – providing an impressive, award-winning, asset base which satisfies our requirements well into the next decade, delivering a significant uplift in value creation and diversifying our revenue streams through strategic cask sales.
“H1 has seen the successful launch of Artisan Casks, as well as our expansion into India and Vietnam which mark important steps as we continue to build this unique business for the medium to longer term.
“With momentum building in H2, particularly across Europe and China, and US shipments now resuming momentum, we remain on track to deliver FY EBITDA in line with market expectations.”