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
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