TIDMDIS

RNS Number : 3842U

Distil PLC

24 October 2017

Distil plc

("Distil" or the "Group")

Interim Results for the six months ended 30(th) September 2017

Distil (AIM: DIS), owner of premium drinks brands; RedLeg Spiced Rum, Blackwoods Gin and Vodka, Blavod Black Vodka, Jago's Cream Liqueur and Diva vodka, today announces its unaudited interim results for the six months ended 30th September 2017.

Operational review:

   --      Increased investment in marketing activity at the point of sale and events. 
   --      Development of Blackwoods new vintage for launch in early Q4 
   --      Investment in proprietary bottle and new packaging for Blackwoods Gin and Vodka. 
   --      Continued growth in on-trade distribution for RedLeg Spiced Rum and Blackwoods Gin. 

Financial Review - versus same period last year:

   --      Revenue increased by 22.8% to GBP0.818m (2016: GBP0.666m) 
   --      Gross profit increased by 22.1% to GBP459k (2016: GBP376k) 
   --      Volume (litres) increased by 41.3% 
   --      Investment in brand marketing and promotion increased by 36.3% to GBP199k (2016: GBP146k) 
   --      Other administration costs were flat 
   --      Reduction in operating loss of 68.1% to GBP21k (2016: GBP66k) 
   --      Cash reserves of GBP690k (2016: GBP883k) 

Don Goulding Executive Chairman, commenting on these results said:

"We continued to deliver strong year-on-year growth across our brand portfolio in the six months to 30th September 2017 despite lapping prior year pipeline fill in major retailers.

During this period we increased our brand marketing investment to extend our reach directly with consumers at festivals and at the point of sale. Importantly we increased marketing funds to cover development costs of our new Blackwood's vintage and new packaging across the Blackwoods Gin and Vodka range for launch in Q4 of our fiscal year.

We are pleased to report that our key brands have outperformed each of their respective categories overall during the period."

Executive Chairman's Statement

Results

Distil's brands showed further year-on-year sales and volume growth during the period, supported by additional investment in marketing and promotion. Redleg Spiced Rum and Blackwoods Gin continued to perform strongly across all formats.

Overall volume growth at over 41% compared to revenue growth of 23% reflected a steady increase since the early part of the year in our licensed sales, particularly in Eastern Europe and Duty Free, together with a change in product and market mix across the portfolio during the period.

The strong performance of our brands together with continued tight control of overhead costs enabled a 68% reduction in operating losses during the period.

Operations

We continued to build distribution and increased consumer support at outlet level for our key brands. We also doubled the spend on consumer events and festivals year-on-year to increase product trial.

Our main operational focus has been to develop a new crafted Blackwoods Gin vintage. This will begin to appear in store and in bars in the new year as we move through inventories of the successful 2012 vintage. To maintain its premium positioning within a buoyant gin market we have also invested in updating and improving our Blackwoods Gin and Vodka packaging to coincide with this new vintage. All associated design costs have been expensed within the period.

Outlook

We have a greater number of promotional activities planned year on year for the important Q3 period and expect to remain on plan for the full year.

Q4 will see our new Blackwood's design and vintage move through the pipeline and begin to reach consumers. An updated website will showcase the new design in December.

With uncertainty around the outcome of Brexit we continue to take prudent measures to manage risk and seek further operational efficiencies.

 
 Distil plc - Half Year Results 
 Consolidated comprehensive 
  interim income statement 
                                  --------------  --------------  ---------- 
                                        Six         Six months       Year 
                                       months          ended         ended 
                                       ended        30 September    31 March 
                                    30 September        2016          2017 
                                        2017 
                                    Un-audited      Un-audited      Audited 
                                      GBP'000         GBP'000       GBP'000 
 
 Revenue                                     818             666       1,642 
 Cost of sales                             (359)           (290)       (692) 
                                  --------------  --------------  ---------- 
 Gross profit                                459             376         950 
 Administrative expenses: 
 Advertising and promotional 
  costs                                    (199)           (146)       (384) 
 Other administrative expenses             (267)           (266)       (520) 
 Share based payment expense                (11)            (29)        (32) 
 Depreciation & amortization                 (3)             (1)         (4) 
                                  --------------  --------------  ---------- 
 Total administrative expenses             (480)           (442)       (940) 
                                  --------------  --------------  ---------- 
 Operating (loss)/profit                    (21)            (66)          10 
 Finance income                                -               -           - 
 Finance expense                               -               -           - 
 (Loss)/profit before tax from 
  continuing operations                     (21)            (66)          10 
 Income tax                                    -               -           - 
                                  --------------  --------------  ---------- 
 (Loss)/profit for the period               (21)            (66)          10 
                                  --------------  --------------  ---------- 
 
 (Loss)/earnings per share: 
 From continuing operations 
 Basic (pence per share)                  (0.01)          (0.01)        0.00 
 Diluted (pence per share)                (0.01)          (0.01)        0.00 
 
 
 
 Consolidated interim balance         As at           As at         As at 
  sheet                            30 September    30 September    31 March 
                                       2017            2016          2017 
                                   Un-audited      Un-audited      Audited 
                                     GBP'000         GBP'000       GBP'000 
 ASSETS 
 Non-current assets 
 Property, plant and equipment               61               3          64 
 Intangible fixed assets                  1,542           1,527       1,535 
                                 --------------  --------------  ---------- 
 Total non-current assets                 1,603           1,530       1,599 
 
 Current assets 
 Inventories                                228             185         199 
 Trade and other receivables                378             349         329 
 Cash and cash equivalents                  690             883         910 
                                 --------------  --------------  ---------- 
 Total current assets                     1,296           1,417       1,438 
                                 --------------  --------------  ---------- 
 Total assets                             2,899           2,947       3,037 
                                 --------------  --------------  ---------- 
 
 LIABILITIES 
 Current liabilities 
 Trade and other payables                  (99)           (216)       (227) 
                                 --------------  --------------  ---------- 
 Total current liabilities                 (99)           (216)       (227) 
                                 --------------  --------------  ---------- 
 Total liabilities                         (99)           (216)       (227) 
                                 --------------  --------------  ---------- 
 
 Net Assets                               2,800           2,731       2,810 
                                 --------------  --------------  ---------- 
 
 EQUITY 
 Equity attributable to equity 
  holders of the parent 
 Share capital                            1,291           1,291       1,291 
 Share premium                            2,884           2,884       2,884 
 Share based payment reserve                 72              58          61 
 Retained deficit                       (1,447)         (1,502)     (1,426) 
                                 --------------  --------------  ---------- 
 Total equity                             2,800           2,731       2,810 
                                 --------------  --------------  ---------- 
 
 
 
 Consolidated interim cash flow 
  statement 
                                             --------------  --------------  ---------- 
                                               Six months      Six months       Year 
                                                  ended           ended         ended 
                                               30 September    30 September    31 March 
                                                   2017            2016          2017 
 Cashflows                                     Un-audited      Un-audited      Audited 
 Cashflows from operating activities             GBP'000         GBP'000       GBP'000 
 (Loss)/profit before tax                              (21)            (66)          10 
 Adjustments for: 
 Depreciation                                             3               1           4 
   Share Based Payment Expense                           11              29          32 
                                             --------------  --------------  ---------- 
                                                        (7)            (36)          46 
 
 Movements in working capital 
 (Increase)/Decrease in inventories                    (29)              19           5 
 Increase in accounts receivables                      (49)            (75)        (55) 
 (Decrease)/Increase in trade payables                (128)             (9)           2 
                                             --------------  --------------  ---------- 
 Cash used in operations                              (206)            (65)        (48) 
 Net cash used in operating activities                (213)           (101)         (2) 
 
 Cashflows from investing activities 
 Purchase of property plant & equipment                   -             (1)        (65) 
 Expenditure relating to the acquisition 
  and registration of licenses and 
  trademarks                                            (7)             (2)        (10) 
                                             --------------  --------------  ---------- 
 Net cash (used in) investing activities                (7)             (3)        (75) 
 
 Cashflows from financing activities 
 Proceeds from issue of shares                            -               5           5 
                                             --------------  --------------  ---------- 
 Net cash (used in)/generated by 
  financing activities                                    -               5           5 
 
 
 Net decrease in cash and cash equivalents            (220)            (99)        (72) 
 Cash & cash equivalents at the 
  beginning of the period                               910             982         982 
 
 Cash & cash equivalents at the 
  end of the period                                     690             883         910 
                                             --------------  --------------  ---------- 
 
 

Notes to the interims accounts:

   1.     Basic of preparation 

This interim consolidated financial information for the six months ended 30 September 2017 has been prepared in accordance with AIM rule 18, 'Half yearly reports and accounts'. This interim consolidated financial information is not the group's statutory financial statements within the meaning of Section 434 of the Companies Act 2006 (and information as required by section 435 of the Companies Act 2006) and should be read in conjunction with the annual financial statements for the year ended 31 March 2017, which have been prepared under International Financial Reporting Standards (IFRS) and have been delivered to the Register of Companies. The auditors have reported on those accounts; their report was unqualified, did not include references to any matters to which drew attention by way of emphasis of matter without qualifying their report and did not contain any statements under Section 498 (2) or (3) of the Companies Act 2006.

The interim consolidated financial information for the six months ended 30 September 2017 is unaudited. In the opinion of the Directors, the interim consolidated financial information presents fairly the financial position, and results from operations and cash flows for the period. Comparative numbers for the six months ended 30 September 2016 are also unaudited.

   2.     Availability 

Copies of the interim report will be available from the Distil's registered office at 201 Temple Chambers, 3-7 Temple Avenue, EC4Y 0DT and also on www.distil.uk.com.

   3.     Approval of interim report 

This interim report was approved by the Board on 23 October 2017.

For further information please contact:

 
 Distil plc 
------------------------  ---------------------- 
 Don Goulding Executive    Tel: +44 207 352 2096 
  Chairman 
  Shaun Claydon, Finance 
  Director 
------------------------  ---------------------- 
 SPARK Advisory Partners 
  Limited (NOMAD) 
------------------------  ---------------------- 
 Neil Baldwin              Tel +44 203 368 3550 
  Mark Brady 
------------------------  ---------------------- 
 SI Capital (Broker) 
------------------------  ---------------------- 
 Nick Emerson              Tel +44 1483 413500 
------------------------  ---------------------- 
 
 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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