By Najat Kantouar
Distil said its pretax loss narrowed and revenue rose for the first half of the year on the back of its business-remodel strategy despite a challenging business environment.
The London-listed spirits provider–which houses the RedLeg Spiced Rum, Blackwoods Gin and vodka, and Blavod Black Vodka brands among its portfolio–said that pretax loss for the six months ended Sept. 30 was 314,000 pounds ($386,660) compared with a loss of GBP555,000 for the same period a year earlier, mostly driven by reduced advertising and marketing expenses, cut by 58%.
Revenue rose to GBP632,000 from GBP460,000 supported by an increase in gross profit of 35% as a result of the launch of the RedLeg e-commerce site driving brand visibility and new revenue streams with attractive margins.
“The period has been marked with consumer-facing brand activation, new product development and encouraging progress re-establishing our portfolio within the on-trade with the help of our partners at Marussia Beverages UK. We are well positioned to continue this growth as we enter our busiest trading period,” Executive Chairman Don Goulding said.
Shares at 0950 GMT were flat on 0.45 pence.
Write to Najat Kantouar at [email protected]
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