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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 : 1029F
Distil PLC
25 October 2018
Distil plc
("Distil" or the "Group")
Interim Results for the six months ended 30(th) September 2018
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 2018.
Operational review:
-- New listings achieved in France and Canada -- Increased investment in marketing support at point of sale -- Development of new gift packaging and miniature bottle formats -- Implementation of operational cost savings
Financial Review - versus same period last year:
-- Revenue increased by 42.3% to GBP1.164m (2017: GBP0.818m) -- Gross profit increased by 54.7% to GBP710k (2017: GBP459k) -- Volume (litres) increased by 30.7% -- Investment in brand marketing and promotion increased by 56.8% to GBP312k (2017: GBP199k) -- Other administration costs increased by 9.7% to GBP293k (2017: GBP267k) -- Operating profit of GBP101k (2017: loss GBP21k) -- Cash reserves of GBP957k (2017: GBP690k)
Don Goulding Executive Chairman, commenting on these results said:
"The strong growth momentum enjoyed in the previous financial year has continued into the six months to 30 September 2018 and I am pleased to report healthy year-on-year increases in revenue, profit and cash.
Investment in marketing support increased ahead of sales as we continued to build our brands. Additional funds were also used to develop gift packaging for RedLeg Spiced Rum and Blackwoods Gin, ready for launch ahead of the Christmas trading period, together with a range of miniature bottle formats.
Operational improvements together with significant volume growth during the period have assisted gains in gross profit margin and contribution margin.
We have also ensured all planned measures to maximise benefits and offset possible risks relating to the UK exit from the EU have been finalised and fully implemented, well ahead of the anticipated date of March 2019."
Executive Chairman's Statement
Results versus same period last year
We delivered further year-on-year sales and volume growth across our brands during the period. Sales revenue advanced 42% whilst combined case volume grew 31% despite a decline of Blavod licensed sales in Eastern Europe. RedLeg Spiced Rum and Blackwoods Gin delivered particularly strong performances across the retail segment.
Gross Profit margin improved to 61% from last year's previous high of 56% whilst brand marketing investment increased by 57%, feeding through to an improved contribution margin of 34%, up from 32% in the same period last year.
Our strong brand performance, operational improvements and continued tight control of overheads enabled us to deliver a maiden first half profit during the period.
Operations
Having a strong consumer promotional programme in place, our main focus during the first half has been to work with our production and packaging partners to ensure efficient and cost effective supply to our customers and distributors especially during the unusually hot summer which resulted in higher than usual promotional demand spikes.
During this time, we maintained supply throughout and improved margins.
Outlook
The important Christmas trading period is always aggressively contested but likely to be particularly competitive this year within the Spirits market as all categories fight to regain market share from gin. In the growing gin category, we are likely to see the variety of new brands and flavours competing for distribution, trial and share.
Our promotional plans are in place supported by additional PR and social media campaigns, new cocktail recipes together with new premium gift packaging for Blackwoods Gin and RedLeg Spiced Rum, details of which will be shown on our websites in early November.
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
2018 2017 March 2018
Un-audited Un-audited Audited
GBP'000 GBP'000 GBP'000
Revenue 1,164 818 2,014
Cost of sales (454) (359) (842)
----------- ----------- ------------
Gross profit 710 459 1,172
Administrative expenses:
Advertising and promotional costs (312) (199) (465)
Other administrative expenses (293) (267) (522)
Share based payment expense - (11) (22)
Depreciation & amortization (4) (3) (6)
----------- ----------- ------------
Total administrative expenses (609) (480) (1,015)
----------- ----------- ------------
Operating profit/(loss) 101 (21) 157
Finance income - - -
Finance expense - - -
Profit/(loss) before tax from continuing
operations 101 (21) 157
Income tax - - -
----------- ----------- ------------
Profit/ (loss) for the period 101 (21) 157
----------- ----------- ------------
Profit/(loss) per share:
From continuing operations
Basic (pence per share) 0.02 (0.01) 0.03
Diluted (pence per share) 0.02 (0.01) 0.03
Consolidated interim statement of financial As at 30 As at 30 As at 31
position September September March 2018
2018 2017
Un-audited Un-audited Audited
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and equipment 128 61 95
Intangible fixed assets 1,553 1,542 1,551
----------- ----------- ------------
Total non-current assets 1,681 1,603 1,646
Current assets
Inventories 221 228 177
Trade and other receivables 519 378 395
Cash and cash equivalents 957 690 1,031
----------- ----------- ------------
Total current assets 1,697 1,296 1,603
----------- ----------- ------------
Total assets 3,378 2,899 3,249
----------- ----------- ------------
LIABILITIES
Current liabilities
Trade and other payables (263) (99) (235)
----------- ----------- ------------
Total current liabilities (263) (99) (235)
----------- ----------- ------------
Total liabilities (263) (99) (235)
----------- ----------- ------------
Net Assets 3,115 2,800 3,014
----------- ----------- ------------
EQUITY
Equity attributable to equity holders
of the parent
Share capital 1,292 1,291 1,292
Share premium 2,908 2,884 2,908
Share based payment reserve 83 72 83
Accumulated deficit (1,168) (1,447) (1,269)
----------- ----------- ------------
Total equity 3,115 2,800 3,014
----------- ----------- ------------
Consolidated interim cash flow statement
----------- ----------- -------------
Six months Six months Year ended
ended 30 ended 30 31 March
September September 2018
2018 2017
Un-audited Un-audited Audited
Cashflows from operating activities GBP'000 GBP'000 GBP'000
Profit/(loss) before tax 101 (21) 157
Adjustments for non-cash/no-operating items:
Expenses settled by shares - - 17
Depreciation 4 3 6
Share based payment expense - 11 22
----------- ----------- -----------
105 (7) 202
Movements in working capital
(Increase)/decrease in inventories (44) (29) 22
Increase in accounts receivables (138) (49) (66)
Increase/(decrease) in trade payables 42 (128) 8
----------- ----------- -----------
Cash used in operations (140) (206) (36)
Net cash (used in)/generated by operating
activities (35) (213) 166
Cashflows from investing activities
Purchase of property plant & equipment (37) - (37)
Expenditure relating to the acquisition
and registration of licenses and trademarks (2) (7) (16)
----------- ----------- -----------
Net cash used in investing activities (39) (7) (53)
Cashflows from financing activities
Proceeds from issue of shares - - 8
----------- ----------- -----------
Net cash generated by financing activities - - 8
Net (decrease)/increase in cash and cash
equivalents (74) (220) 121
Cash & cash equivalents at the beginning
of the period 1,031 910 910
Cash & cash equivalents at the end of the
period 957 690 1,031
----------- ----------- -----------
Notes to the interims accounts:
1. Basis of preparation
This interim consolidated financial information for the six months ended 30 September 2018 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 2018, 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 2018 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 2017 are also unaudited.
IFRS15 - Accounting Policies and Transition
The directors have reviewed the way that the group accounts for revenues from contracts with customers and has adopted the new reporting standard on revenue recognition, IFRS 15. Following that review, the directors did not consider it necessary to change the group's accounting policies with respect to revenue recognition. There have been no changes to recognition or measurement of revenue or to the consolidated statements of comprehensive income or financial position as a consequence of adopting IFRS15.
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 24 October 2018.
For further information please contact:
Distil plc
Don Goulding Executive Chairman Tel: +44 207 352 2096
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 Tel +44 203 621 4120
----------------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR QZLFLVBFXFBD
(END) Dow Jones Newswires
October 25, 2018 02:00 ET (06:00 GMT)
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