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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Distil Plc | LSE:DIS | 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% | 0.60 | 0.55 | 0.65 | 0.60 | 0.60 | 0.60 | 79,432 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Distilled And Blended Liquor | 1.32M | -748k | -0.0011 | -5.45 | 4.11M |
From Apr 2019 to Apr 2024
TIDMDIS
RNS Number : 1132C
Distil PLC
15 October 2020
Distil plc
("Distil" or the " Group ")
Interim Results for the six months ended 30 September 2020
Distil (AIM: DIS), owner of premium drinks brands including RedLeg Spiced Rum, Blackwoods Gin and Blavod Black Vodka, is pleased to announce its unaudited interim results for the six months ended 30 September 2020.
Operational review:
-- RedLeg Banana Rum launched into the UK market
-- Re ady-to-drink ("RTD") RedLeg Pineapple Rum with Franklin & Sons Ginger Ale launched and listed in major UK retailers
-- Increase in Marketing headcount and investment -- Increase in Product Development headcount, resources and investment
Financial Review - versus same period last year:
-- Revenue increased by 128% to GBP1,878k (2019: GBP824k) -- Gross profit increased by 107% to GBP1,032k (2019: GBP499k) -- Volume (litres) increased by 87% -- Investment in brand marketing and promotion increased by 158% to GBP565k (2019: GBP219k) -- Other administration costs increased by 10% to GBP307k (2019: GBP279k) -- Operating profit of GBP154k (2019: GBP1k) -- Cash reserves at period end of GBP570k (2019: GBP836k)
Don Goulding, Executive Chairman , commenting on these results said:
" Our team responded well to both demand volatility and supply chain challenges during the first six months of this pandemic. We focused on providing customer support, and increased marketing investment together with greater flexibility. This has allowed us to adapt rapidly to market changes, customer needs, and ensure continuity of product supply throughout. Increased headcount and investment in new product development enabled the launch of new lines with more to follow.
Lockdowns and imposed restrictions, particularly on the hospitality sector and international travel, means we have seen a significant short term shift in product mix and source of business away from the On Trade and Travel Retail toward Grocery and online retail channels as consumers stayed home.
While the nature and speed of market recovery is uncertain we will remain responsive, flexible and efficient to ensure we exit this year in a stronger position.
Our priorities remain the welfare of our staff, our business, supporting our customers and our community."
Executive Chairman's Statement
Spirits have performed well as consumers served their favourite cocktails at home during lockdown. Rum and gin categories continue to perform well, with UK market audit data * for the 26 weeks to September suggesting flavoured rum grew 35% in value.
On Trade has suffered from full closure during the spring and a slow reopening with subsequent curfews, while Travel retail has been hit hard with sales moving to Grocery and online retail. Our duty free market data suggests this sector has declined by c60% to 80% y ear-on-year in the key European and Eastern European markets.
A key development is our decision to make a threefold increase in new product development investment, including employing additional talent to assist build our capability. We have already seen the benefits of this move with the introduction of RedLeg Banana Rum , announced in September , revamped packaging for the entire RedLeg range, and a new ready - to - drink product, with more innovation planned to be brought to market in coming months in preparation for the market return.
Results versus same period last year
Combined sales revenues increased 128% to GBP1,878k, with exports advancing 165% and UK sales increasing 121% .
Brand mix was affected by Covid -19 related restrictions and many consumers staying home. Blackwoods Gin sales improved by 74%, RedLeg Rum increased 139%, Blavod Vodka however, with its sales mainly through Duty Free and Travel Retail , fell by 70%.
The Company achieved an Operating profit of GBP154k (2019 : GBP1k).
Cash reserves are down year - on - year by GBP266k as trade and other receivable s increased by GBP778K reflecting the increase in sales toward the period end. Net assets increased by GBP480k to GBP3,653K.
Production costs per unit increased mainly due to reduced line efficiencies through social distancing and other Covid -19 related measures. This has resulted in our margins moving from 61% to 55% in the short term.
Operations
The team has been agile in its efforts to minimise disruption to operations and supply chain, including building a robust inventory of raw materials and finished goods in order to manage supply risk in the event of further restrictions.
To assist with our new product development ambitions, we have agreed an ongoing partnership with a Master Distiller, in order to accelerate liquid development.
In addition, we have worked with suppliers to transition to sustainable packaging across the portfolio in line with our CSR commitments, and have certified all products in the range to be vegan and gluten-free.
O utlook
As previously mentioned, the Group has taken positive steps to respond to our relevant challenges and we expect to exit 2020 in a stronger position. However, due to uncertainties regarding m ovement restrictions and sector closures relating to the Covid-19 pandemic we consider it prudent not to provide market guidance for the full financial year to March 202 1.
Hot Features
Premium
Distil plc - Half Year Results
Consolidated comprehensive interim
income statement
----------- ----------- ------------
Six months Six months
ended 30 ended 30 Year
September September ended 31
2020 2019 March 2020
Un-audited Un-audited Audited
GBP'000 GBP'000 GBP'000
Revenue 1,878 824 2,441
Cost of sales (847) (325) (995)
----------- ----------- ------------
Gross profit 1,031 499 1,446
Administrative expenses:
Advertising and promotional costs (565) (219) (665)
Other administrative expenses (307) (279) (597)
Share based payment expense (5) - -
Total administrative expenses (877) (498) (1,262)
Operating profit 154 1 184
Finance income - - -
Finance expense - (2) (2)
Profit/(loss) before tax from continuing
operations 154 (1) 182
Income tax 64 - 76
----------- ----------- ------------
Profit/(loss) for the period 218 (1) 258
----------- ----------- ------------
Profit/(loss) per share:
From continuing operations
Basic (pence per share) 0.04 (0.00) 0.05
Diluted (pence per share) 0.04 (0.00) 0.05
Consolidated interim statement of financial As at 30 As at 30 As at 31
position September September March 2020
2020 2019
Un-audited Un-audited Audited
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Right-of-use asset - 37 -
Property, plant and equipment 151 143 153
Intangible fixed assets 1,586 1,566 1,577
Deferred tax asset 140 - 76
----------- ----------- ------------
Total non-current assets 1,877 1,746 1,806
Current assets
Inventories 405 383 349
Trade and other receivables 1,157 379 543
Cash and cash equivalents 570 836 858
----------- ----------- ------------
Total current assets 2,132 1,598 1,750
----------- ----------- ------------
Total assets 4,009 3,344 3,556
----------- ----------- ------------
LIABILITIES
Current liabilities
Trade and other payables (356) (133) (126)
Lease liability - (38) -
----------- ----------- ------------
Total current liabilities (356) (171) (126)
----------- ----------- ------------
Total liabilities (356) (171) (126)
----------- ----------- ------------
Net Assets 3,653 3,173 3,430
----------- ----------- ------------
EQUITY
Equity attributable to equity holders
of the parent
Share capital 1,292 1,292 1,292
Share premium 2,908 2,908 2,908
Share based payment reserve 88 83 83
Accumulated deficit (635) (1,110) (853)
----------- ----------- ------------
Total equity 3,653 3,173 3,430
----------- ----------- ------------
Consolidated interim cash flow statement
----------- ----------- -------------
Six months Six months Year ended
ended 30 ended 30 31 March
September September 2020
2020 2019
Un-audited Un-audited Audited
Cashflows from operating activities GBP'000 GBP'000 GBP'000
Profit/(loss) before tax 154 (1) 182
Adjustments for non-cash/non-operating
items:
Finance expense - 2 2
Amortisation - 25 49
Depreciation 7 6 13
Share based payment expense 5 - -
166 32 246
Movements in working capital
Increase in inventories (56) (71) (37)
Increase in trade receivables (614) (172) (336)
Increase in trade payables 230 35 28
----------- ----------- -----------
Cash used in operations (440) (208) (345)
Net cash used in operating activities (274) (176) (99)
Cashflows from investing activities
Purchase of property plant & equipment (5) (20) (37)
Expenditure relating to the acquisition
and registration of licenses and trademarks (9) (10) (21)
----------- ----------- -----------
Net cash used in investing activities (14) (30) (58)
Cashflows from financing activities
Interest on lease liabilities - - (2)
Repayment of lease liabilities - (26) (51)
----------- ----------- -----------
Net cash used in financing activities - (26) (53)
Net decrease in cash and cash equivalents (288) (232) (210)
Cash & cash equivalents at the beginning
of the period 858 1,068 1,068
Cash & cash equivalents at the end of the
period 570 836 858
----------- ----------- -----------
Notes to the interims accounts:
1. Basis of preparation
This interim consolidated financial information for the six months ended 30 September 2020 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 2020, 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 2020 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 2019 are also unaudited.
2. Availability
Copies of the interim report will be available from 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 14 October 2020.
For further information please contact:
Distil plc
Don Goulding Executive Chairman Tel: +44 203 283 4007
Shan Claydon, Finance Director
----------------------
SPARK Advisory Partners Limited
(NOMAD)
----------------------
Neil Baldwin Tel +44 203 368 3550
Mark Brady
----------------------
Turner Pope Investments (TPI)
Limited (Broker)
----------------------
Andy Thacker / Zoe Alexander Tel +44 20 3657 0050
----------------------
*Nielsen September 2020
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END
IR MIBATMTTBBPM
(END) Dow Jones Newswires
October 15, 2020 02:00 ET (06:00 GMT)
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