Edinburgh-based Artisanal Spirits Company (ASC), creator of limited-edition whiskies, said its revenue fell 5% to £9.2 million in the six months to June 30 and gross profit fell 15% to £4.9 million.

Loss before tax of £3.6 million was the same as the prior year “with the reduction in gross profit largely offset by lower selling and distribution and administrative expenses.”

The Artisanal Spirits Company is the owner of The Scotch Malt Whisky Society (SMWS), Single Cask Nation (SCN), J.G. Thomson and Artisan Casks.

Artisanal joined London Stock Exchange’s junior AIM market in June, 2021, with its shares priced around 112p, giving it a stock market value of roughly £78 million. However, its shares have since fallen almost 80% to around 24p, slashing its current stock market value to about £17 million.

Artisanal  said: “The trading results can be segregated into two key elements: brand revenue (which is to say the SMWS membership proposition and everything the Group sells under its Single Cask Nation and Artisan Cask labels) grew +7% to £7.9m (H1-25: £7.4m) and delivered Gross Profit +13% higher at £4.3m (H1-25: £3.8m), at a gross margin of 54% (H1-25: 51%).

“This was more than offset by non-brand performance (trade cask sales). Non-branded delivery has been impacted by both volume and price following a strong H1-25, with revenue of £1.3m, 43% lower than in the prior year (H1-25: £2.3m). The gross profit delivery on these sales was at a 46% margin as compared with 85% in the prior year.”

Artisanal Spirits Company CEO Andrew Dane said: “Our Branded businesses are growing reflecting the progress and health of the underlying business, up +7% in H1-26 and around +10% year to date to the end of August 2026.

“Our US business is now on the footing we wanted, with depletions up +8% and the accounting only effect of last year’s route to market change unwinding in H2. Our cost and cash discipline is working.

“Membership has increased to over 40,000 and, importantly, our members are buying more often and growing in number in every region.

“Looking ahead, our focus remains on further developing the personalisation experience and leveraging AI tools to enhance the data we hold.  

“Membership is the engine of our business, and we are encouraged by the momentum we are seeing.  Whilst trade cask sales are more weighted to the H2 this year, we are focussed on delivering these at the right price.”