REG - Artisanal Spirits Co - AGM Statement

Artisanal SpiritsAnnouncement

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RNS Number : 8085E  Artisanal Spirits Company PLC (The)  19 May 2026

19 May 2026

 

The Artisanal Spirits Company plc

 

("The Artisanal Spirits Company", "ASC" or "the Group")

 

AGM Statement

 

The Artisanal Spirits Company (AIM: ART), the creator of outstanding,
limited-edition whiskies and experiences around the world, and owner of The
Scotch Malt Whisky Society ("SMWS"), Single Cask Nation ("SCN"), J.G. Thomson
and Artisan Casks, will provide the following trading update statement at its
Annual General Meeting ("AGM") being held at 9.00am today:

 

The Board can confirm that the Group has made a solid start to the financial
year ending 31 December 2026 ("FY26"), with trading in line with expectations
and FY26 guidance unchanged. Cask sales growth, together with year on year
revenue improvements in Asia and the United States ("US"), are helping to
offset a slower start in Europe, where consumer confidence remains subdued.

 

Operational Highlights:

 

 * SMWS recruitment has started the year strongly, with global new membership
sales up by just over 20% in the first four months of FY26 compared with the
same period in FY25, with particularly strong growth in China and the US.
Retention is holding steady at around 70% and total membership remains just
under 40,000 members worldwide.

 

 * In late April 2026, SMWS launched the first of a series of limited‑edition
World Cup bottlings, linked to the upcoming FIFA Men's Football tournament,
including a 35cl release from Distillery 28. The initial release sold out
within 48 hours, with a further bottling now available and an additional
release is planned shortly.

 

 * The Creators Collection continues to perform well, with the May 2026 Whisky
Festival releases generating strong sales momentum and encouraging member
response. This is supported by targeted promotional activity where anyone who
buys a Festival bottle, or activates a new membership, during May has the
chance to win a whole cask of Scotch Whisky from Islay.

 

 * SMWS has also launched the latest release under its 50th Cask Club, comprising
approximately 80 sherry‑matured casks. The programme offers members the
chance to purchase an entire cask worth of personalised bottles and builds on
the successful releases in 2024 and 2025.

 

US Update:

 

 * Trading for SMWS America has continued the positive momentum from Q4-25, with
year-to-date sales up by single digits, and strong recruitment performance (up
over 30%), driving single digit membership growth in the early months of 2026.

 

 * We also warmly welcomed the announcement on 30th April 2026, that the tariffs
on Scotch Whisky imports to the United States would be removed.

 

 * The US route‑to‑market ("RTM") change was completed on 1 April 2026, in
line with the previously-announced plan. This enables the Group to take a more
direct role in member engagement and brand development, supporting future
membership, revenue and EBITDA growth, while delivering expected RTM cost
savings of approximately $1m over the next three years.

 

 * The change also improves revenue recognition alignment and cash generation
with the wider Group, moving from a historical shipment revenue recognition
basis to a depletion (i.e. bottle sales to end customer) basis.

 

 * The previously-announced financial impact of the transition to a depletion
basis has now fully completed. The final element related to £0.5m of stock
that was sold as planned to the previous importer and recognised in FY25 (with
£0.4m of corresponding EBITDA impact), but subsequently sold through to
members in FY26 (i.e. revenue and profit recognised in FY25, with the member
sale occurring in FY26). This is consistent with previous expectations and is
fully reflected in current broker expectations for FY26.

 

Director Changes:

 

 * As previously noted, Mark Hunter, the Company Chair, has decided to step back
from all formal business commitments for the foreseeable future due to health
reasons and, correspondingly, he will not be standing for re-election as a
Director of the Company at the AGM and stands down as Chair and from the Board
with effect from today. Following today's AGM, Paul Skipworth, Deputy Chair,
will assume Chair responsibilities on an interim basis until an independent
Chair successor is appointed. Gavin Hewitt has also made the decision to
retire as a Director of the Company at the AGM after serving for just over 11
years and will also not be standing for re-election.

 

Andrew Dane, CEO of Artisanal Spirits Company, commented:

"While macroeconomic and geopolitical challenges clearly remain, we are
pleased to have delivered some positive momentum into FY26, most notably the
impact of our three key areas of strategic focus for FY25, namely: our work on
the core SMWS proposition and marketing driving strong recruitment figures,
the focus on the US market yielding positive results, and our launch of
Artisan Casks starting to deliver meaningful contribution to the Group.

"I would also like to take this opportunity on behalf of the Board to share my
personal thanks to Mark Hunter for his leadership of the Group since 2021,
helping to drive the culture, strategy, governance and performance, with over
50% growth in revenue and membership delivered since IPO. Similarly, we are
indebted to Gavin Hewitt for his significant contribution to the whisky
leadership, insight and focus that he has brought to the Group for over a
decade. They both leave the business in good shape with a lasting legacy, for
which we are sincerely grateful."

 

For further enquiries:

 The Artisanal Spirits Company plc                       https://artisanal-spirits.com/s/717df4

                                                       (https://artisanal-spirits.com/s/717df4)
 Andrew Dane, Chief Executive Officer

 Billy McCarter, Chief Financial Officer

 Panmure Liberum Limited (Nominated Adviser and Broker)

 Dru Danford                                             Tel: +44 (0) 20 3100 2222

 Edward Thomas

 John More

 Team Lewis (Financial PR)

 Justine Warren                                          Tel: +44 (0)20 7802 2617 / 2634

 Hannah Scott

 

About The Artisanal Spirits Company

ASC's purpose is to captivate a global community of whisky adventurers, by
creating and selling outstanding, limited-edition whiskies and experiences
around the world, with an ambition to create a high quality, highly profitable
and cash generative, premium global business.

Based in Edinburgh, ASC owns The Scotch Malt Whisky Society (SMWS), Single
Cask Nation (SCN), J.G.Thomson (JGT) and Artisan Casks. Owning over 18,000
casks primarily comprising Single Malt Scotch Whisky, ASC's stock includes
outstanding whisky (and other spirits) from 100 different distilleries across
20 countries which is sold to members both as individual bottles and whole
casks.

With an established global presence in some 30 countries, SMWS operates a
direct-to-consumer model (90% of revenue) primarily through e-commerce, in
addition to four member rooms in the UK. SMWS provides members with inspiring
experiences, content and exclusive access to a vast and unique range of
outstanding, expertly curated Scotch malt and other whiskies.

In January 2024, ASC acquired SCN which sources, curates and bottles
single-cask whiskies and other spirits selling both online and via traditional
retail channels to its following of over 10,000 whisky enthusiasts in the
USA.SCN also retails to key international whisky markets around the world.

Launched in the UK in late 2021, JGT has a focus on outstanding small batch
blended malt whiskies and other spirits, available both through
direct-to-consumer online sales and through traditional retail channels. The
award-winning brand has subsequently expanded into international markets.

In July 2025, ASC launched Artisan Casks, a luxury private cask programme
allowing private individuals the chance to purchase an individual cask of a
quality that allows for immediate bottling and joining a select network with a
discerning appreciation for finest craftsmanship and luxury experiences.

With proven e-commerce reach and a growing family of brands, ASC is building a
portfolio of limited-edition and small-batch whisky and other spirits brands
for a global movement of discerning consumers - predominantly from outside the
UK, with an expanding presence in the other key global whisky markets
including USA, China, Europe, Japan, Australia and Taiwan.

ASC has a substantial asset backing and is delivering profitable growth and
cash generation.

 

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