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BES Blavod Wines

1.45
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Blavod Wines LSE:BES London Ordinary Share GB0030164023 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.45 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Distil PLC Interim Results (7899D)

29/10/2015 7:05am

UK Regulatory


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TIDMDIS

RNS Number : 7899D

Distil PLC

29 October 2015

Distil plc

("Distil" or the "Group")

Interim Results for the six months ended 30(th) September 2015

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 2015.

Operational review:

-- Consumer awareness, trial and repeat purchases of RedLeg spiced rum continue to grow as we build UK On Trade distribution.

   --     New listings of RedLeg in 400 UK supermarkets supported with promotion in store. 
   --     First shipments of Blackwoods Small Batch gin to USA. 
   --     Reopening of US market for Blavod black vodka with initial shipments now in market. 

-- Decline in volume of Blavod black vodka through Eastern Europe due to the impact of adverse currency rates on Duty Free sales.

-- Increased investment in marketing and promotion of our brands in key outlets is driving rate of sale.

   --     Blackwoods Limited Edition (60% ABV) approved by TTB for the US. 

Financial Review - versus same period last year:

   --     Revenue increased by 89% 
   --     Gross profit increased by 95% 
   --     Volume (litres) increased by 23% 
   --     Administration costs reduced by 16% 
   --     Investment in brand marketing and promotion increased by 100% 
   --     Reduction in adjusted operating loss of 69% 

Don Goulding, Executive Chairman of Distil, said:

"The continued progress in developing our brands in key markets is reflected in a pleasing set of first half results. Revenue growth is being supported by increased investment in brand marketing and we are seeing this come through to the bottom line as we tightly manage our costs and deliver procurement efficiencies."

Executive Chairman's statement

Results

Overall sales volumes and revenues for the period are significantly ahead of last year. This is mainly due to the strong growth of RedLeg spiced rum and continued progress of the Blackwoods brand on the back of increased marketing support and distribution gains. Duty Free sales of Blavod black vodka in Eastern Europe continue to decline due to adverse currency exchange rates.

Gross profits and margins also rose during the period, benefitting from the growth in sales revenue and reduced production costs on a per case basis through procurement savings as a result of improved forecasting and quantity efficiencies. Product quality has been maintained and improved throughout this process.

On the cost side; we reduced administrative costs by 16% as we secured the last of those benefits coming through from our reorganisation last year.

The savings in production and overheads costs achieved during the period were invested in brand marketing.

Operations

Our efforts remain focused on the development of our key brands in key markets. This is reflected in the growing number of stockists both in bars and retail stores secured by our distributors and ourselves. Where possible we have supported our products at the point of purchase with promotional activity to encourage consumer awareness and trial.

We announced today that a leading supermarket group has listed RedLeg for 700 of its largest stores throughout the UK. This follows the successful listing of RedLeg in April 2015 by a major UK grocery chain and significantly increases the brands presence and availability in the UK.

Investment was maintained at music and food festivals throughout the summer with excellent results for both RedLeg and Blackwoods gin. The RedLeg rum shack popped-up in some unusual places including the Henley Regatta.

In the USA we will focus on building Blackwoods Small Batch brand before introducing our Limited Edition. We still await TTB approval for RedLeg spiced rum. The delay was caused by a query relating to a technical description of one of the ingredients, which is in the process of being resolved. We understand this should not affect the brand's availability for launch next year as planned.

As reported earlier Jago's vanilla vodka cream liqueur has been redesigned and reformulated ready for launch; however, we have held back from major investment in production and marketing until a listing with a major retailer is secured. The cost of market entry is high in the cream liqueur category and therefore we would need to be confident that the launch would not risk eroding shareholder value. Efforts to secure major listings have been made throughout this year and will continue.

Shipments of the newly redesigned and repackaged Diva vodka have begun in the UK and Europe. Diva is a super premium offering and the initial consumer response has been positive.

Outlook

The market remains highly competitive as the consumer is faced with a growing number of choices and offers. Therefore marketing and promotional investment will be maintained on our brands.

We remain confident that our strategy of developing and supporting our brands in key markets will enable us to continue to grow revenues across the portfolio. Accordingly, we expect our encouraging 1(st) half performance to continue and are confident for the full year, which we expect will be in line with market expectations.

 
 Distil plc - Half Year Results 
 Consolidated comprehensive interim 
  income statement 
                                         --------------  --------------  ---------- 
                                           Six months      Six months       Year 
                                              ended           ended         ended 
                                           30 September    30 September    31 March 
                                               2015            2014          2015 
                                           Un-audited      Un-audited      Audited 
                                             GBP,000         GBP,000       GBP,000 
 Profit & Loss 
 Revenue                                            530             280         666 
 Cost of sales                                    (223)           (123)       (260) 
                                         --------------  --------------  ---------- 
 Gross Profit                                       307             157         406 
 Administrative expenses: 
 Advertising and promotional costs                (133)            (66)       (148) 
 Other administrative expenses                    (237)           (284)       (563) 
 Share based payment expense                       (29)               -           - 
 Depreciation & amortization                        (2)             (2)         (4) 
  Other Operating Income                              5               -          23 
                                         --------------  --------------  ---------- 
 Total administrative expenses                    (396)           (352)       (692) 
                                         --------------  --------------  ---------- 
 Operating loss                                    (89)           (195)       (286) 
 Finance expense                                    (1)             (3)         (3) 
                                         --------------  --------------  ---------- 
 (Loss)before tax from continuing 
  operations                                       (90)           (198)       (289) 
 Income tax                                           -               -           - 
                                         --------------  --------------  ---------- 
 (Loss) for the period                             (90)           (198)       (289) 
                                         --------------  --------------  ---------- 
 
 Earnings per share: 
 From continuing operations 
 Basic (pence per share)                         (0.02)          (0.05)      (0.08) 
 Diluted (pence per share)                       (0.02)          (0.05)      (0.08) 
 
 Consolidated interim balance sheet           As at           As at         As at 
                                           30 September    30 September    31 March 
                                               2015            2014          2015 
                                           Un-audited      Un-audited      Audited 
                                             GBP,000         GBP,000       GBP,000 
 ASSETS 
 Non current assets 
 Property, plant and equipment                        4               8           6 
 Intangible fixed assets                          1,516           1,497       1,510 
                                         --------------  --------------  ---------- 
 Total non current assets                         1,520           1,505       1,516 
 
 Current assets 
 Inventories                                        239             115         230 
 Trade and other receivables                        205             221         211 
 Cash and cash equivalents                          355             189         511 
                                         --------------  --------------  ---------- 
 Total current assets                               799             525         952 
                                         --------------  --------------  ---------- 
 Total assets                                     2,319           2,030       2,468 
                                         --------------  --------------  ---------- 
 
 LIABILITIES 
 Current liabilities 
 Trade and other payables                         (150)           (271)       (238) 
                                         --------------  --------------  ---------- 
 Total current liabilities                        (150)           (271)       (238) 
                                         --------------  --------------  ---------- 
 Total liabilities                                (150)           (271)       (238) 
                                         --------------  --------------  ---------- 
 
 Net Assets                                       2,169           1,759       2,230 

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October 29, 2015 03:05 ET (07:05 GMT)

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