REG - Distil PLC - Final Results for year ended 31 March 2023
04/07/2023 07:00
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RNS Number : 8204E Distil PLC 04 July 2023
Distil plc
("Distil" or the "Group")
Final Results for year ended 31 March 2023
"A year of transition"
Distil plc (AIM: DIS), owner of premium drinks brands RedLeg Spiced Rum,
Blackwoods Gin and Vodka, Blavod Black Vodka, TRØVE Botanical Spirit and Diva
Vodka, announces its final results for the year ended 31 March 2023.
Operational highlights
· Major move from UK distributor to a new business model
· Relationship with major UK retail customers taken under direct
control
· Commercial Director appointed to manage major retail and exports
to deliver ambitious growth plans
· Appointment of leading distributor, Marussia Beverages, to
service the UK hospitality sector
· RedLeg TV advertisement developed and tested in two key regions
· Major listing for RedLeg Tropical with leading pub group
· New export markets opened in Scandinavia and Latin America with
further plans to strengthen and expand global footprint
· Groundwork laid to create innovative new to world brands
including a blended malt Whisky in partnership with Ardgowan
· Blackwoods Gin & Vodka Distillery and visitor centre at the
Ardgowan site progressing well with plans to invite trade later this year once
works have progressed further across the wider site
Financial and corporate highlights
· Turnover decreased 55% to £1.32 million (2022: £2.94 million)
· Gross profit decreased 58% to £684k (2022: £1.63 million)
· Volumes (litres) decreased 56%
· Margins decreased to 52% (2022: 55%)
· Advertising and promotion spend decreased 34% to £582k (2022:
£890k)
· Adjusted* administrative expenses increased 21% to £903k (2022:
£746k)
· Adjusted** EBITDA of £(785)k (2022: £9k)
· Operating loss of £804k (2022: £132k)
· Net cash outflow*** of £845k (2022: £500k inflow) resulting in
year-end cash reserves of £717k (2022: £1.56 million)
· Net assets of £6.80 million (2022: £7.55 million) at 31 March
2023
· Michael Keiller is to step down from the Board and is being
replaced as Non-Executive Director by Shaun Claydon at the forthcoming AGM
* Administrative costs in 2022 adjusted to remove the one-off transaction
costs associated with the Ardgowan investment
** EBITDA adjusted for one-off transaction costs associated with Ardgowan
investment and annual share based payment expense
*** Prior period cash flows and cash reserves include (1) proceeds from the
fundraising completed in August 2021 amounting to £3.20 million (before
expenses), of which £3 million was invested in Ardgowan by way of a
convertible loan and (2) proceeds from the exercise of warrants in September
2021 of £433k .
Don Goulding, Executive Chairman of Distil, said:
"It has been a transitional year for the business as we remodelled to set-up
for accelerated growth. The focus has been our decision to move away from our
relationship with distributor Hi-Spirits in the UK - our largest market -
which had a one-off knock-on effect in relation to sales as existing stock in
the market was depleted.
Our new business model has given us control of the relationship with the major
UK retailers, managed internally by our Commercial Director, and we are
working closely with new on-trade distributor, Marussia Beverages, with
positive headway made in the UK hospitality sector.
At a Board level, we announce that Mike Keiller is to step down from the Board
at the forthcoming AGM. We thank Mike for the wealth of experience that he has
brought to the business throughout his tenure, and we wish him all the best as
he enjoys his well-earned retirement.
In order to replace Mike, Shaun Claydon will move from part time Finance
Director to Non-executive Director, whilst retaining his role as Company
Secretary. Current Head of Finance and Operations, Adebola Adebo ACCA, will
assume Shaun's day-to-day responsibilities.
We intend to further strengthen the Board through the appointment of an
additional independent Non-executive Director who can add relevant experience
and value as soon as reasonably practicable and in any event by the end of the
current financial year.
We're confident that we have weathered the turbulence related to the business
remodel and the shape of the business model is expected to yield revenue
upside from the current financial year onwards with accelerated business
growth."
Distil PLC
Don Goulding, Executive Chairman Tel: +44 20 3283 4006
Shaun Claydon, Finance Director
SPARK Advisory Partners Limited (NOMAD)
Neil Baldwin Tel: +44 20 3368 3550
Mark Brady
Turner Pope Investments (TPI) Ltd (Broker)
Andy Thacker/James Pope Tel: +44 20 3657 0050
This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation No 596/2014 which is part of English
Law by virtue of the European (Withdrawal) Act 2018, as amended. On
publication of this announcement via a regulatory information service this
information is considered to be in the public domain
About Distil
Distil Plc is quoted on the AIM market of the London Stock Exchange. It owns
drinks brands in a number of sectors of the alcoholic drinks market. These
include premium spiced rum, vodka, gin, vodka vanilla cream liqueur and are
called RedLeg Spiced Rum. Blackwoods Vintage Gin, Blackwoods Vodka, Blavod
Original Black Vodka, TRØVE Botanical Spirit and Diva Vodka.
Chairman's statement
Performance
It has been a transitional year as we remodelled the business to allow us to
handle all sales and marketing to our major UK retail customers directly, and
appointed Marussia Beverages, the UK's leading artisanal spirits business, to
grow our brands within the on-trade and independent sectors.
This major move resulted in a one-off impact to full year revenue, which sits
slightly below market expectations, however the shape of the business model is
expected to yield revenue upside from 2023 financial year onwards.
Reported losses are mainly attributed to the decline in sales as stock in the
UK trade was depleted following the remodel. There was a larger job to be done
than anticipated due to higher volumes of stock available in the UK trade than
anticipated, however we are now through these issues, trading well with direct
customers, and have seen the strongest results of the year in Q4, indicating
that we are successfully rebuilding following the remodel.
In addition, the investment into RedLeg Spiced Rum TV campaign in Q1, along
with increased promotions to assist with stock depletion and the reduction in
distribution of Blackwoods gin as the UK gin market declines, attributed to
the loss.
Marketing and new product development
Throughout this transitional period, we have focussed on stabilising the
business, strengthening our export sales, and ensuring robust plans are in
place in order to help accelerate growth through the new business model.
With direct control of our major UK retail customers, we have been able to
deliver price premiumisation, and have robust promotional plans in place,
supported by above-the-line in-store and online visibility to drive volume
through these customers.
The coming financial year will see a strong programme of events and brand
activation across RedLeg Spiced Rum to drive awareness and consumer trial. The
on-trade will play a significant part in this, and the team at Marussia
Beverages UK are on-track to help deliver volume-driving activation across key
customers.
New packaging formats are also due to be launched into major retailers in Q2
which will support brand premiumisation and give us stand-out on shelf
product. Our partnership with a well-established national gifting company to
secure listings within miniature gift packs in major grocery also continues.
The new Blackwoods 2021 Vintage, which launched Q1 of FY 22/23, involved
creating a new, premium liquid in conjunction with Master Distiller, Sion
Edwards, which showcased the best Scottish produce, including coastal
botanicals such as kelp and sea buckthorn, to tie the new Vintage to the brand
home being built on the Ardgowan estate. All distillation and bottling of the
Blackwoods range now proudly take place in Scotland. The range has been well
received and was awarded silver at the Scottish Gin Awards 2022.
Progress remains positive at the Ardgowan site with all internal renovation
work now complete and the 1,000L hand-built Scottish-built copper still is in
situ ready for commissioning. The first Blackwoods liquids are due to be
distilled this year. The team is working closely with Ardgowan to design the
visitor experience, with plans to invite trade later this year.
Further to this, the team has been working to design an exciting new product
development programme, which will see us enter lucrative new categories,
including the launch of a blended malt whisky in accordance with our
partnership with Ardgowan. We look forward to sharing further details with
shareholders in due course.
Export growth
Export sales are down 54% as we lapped particularly strong prior year sales as
we opened significant new markets with new varieties of RedLeg Spiced Rum and
benefited from associated pipe-fill sales along with additional pipeline fill
in established markets post lockdown.
Expanding the global reach of our brands remains a focus across the business.
Over the past year we have opened two new markets in Scandinavia and Latin
America, with interest from further markets being nurtured across the
portfolio.
In addition, we have increased communication with existing markets in order to
better understand the changing needs of each post-Brexit, so that we can
ensure that we are better supporting the brands. For the coming financial
year, we plan to increase above the line marketing spend across key markets to
help drive sales.
Cost pressures
Management of operations and cost of goods has been challenging throughout the
year due to the turbulent economic environment which has seen us faced with
double-digit price increases from suppliers in reaction to inflation. The team
continues to work hard to mitigate these increases and reduce our costs moving
forward without compromising on product quality.
Through close management of suppliers, the margin benefits of supplying our
major customers directly, and price premiumisation, we expect our margins to
recover in the medium term.
Ardgowan
We took the decision in Q3 not to exercise the option (which expired at the
end of December 2022) to invest a further £2m into the Ardgowan Distillery
project at this time to focus cash resources on our core business. However,
Ardgowan plans remain intact and the project represents a significant
long-term investment for the business.
We are working closely with the team to deliver the Blackwoods brand home and
we look forward to welcoming the first visitors in the coming year.
Board Changes
Mike Keiller has announced his intention to step down from the Board at the
forthcoming AGM.. Mike has brought a wealth of experience to the business
during his tenure, however he has taken the decision to resign his position in
order to enjoy his well-earned retirement.
In order to replace Mike, Shaun Claydon will move from part time Finance
Director to Non-executive Director, whilst retaining his role as Company
Secretary. Current head of finance and operations, Adebola Adebo will assume
Shaun's day to day responsibilities.
We intend to further strengthen the Board through the appointment of an
additional independent Non-executive Director who can add relevant experience
and value as soon as reasonably practicable and in any event by the end of the
current financial year.
Outlook
The past year has seen significant changes within the business as we
remodelled and strengthened the team across departments to support direct to
customer channels and accelerated growth of our brands.
As we enter the new financial year, we are conscious of global pressures that
still remain in terms of economic uncertainty and the impact that this will
have on consumer spending habits as disposable income is squeezed.
However, we are confident that our brands are well positioned as affordable
premium products, meaning that they will remain attractive to consumer and
trade alike.
We will continue to focus on finding efficiencies across the supply chain to
ensure that our margins recover, and seek new markets and channels within
which to drive volume.
In conjunction with our remodelled business, new product development programme
and investment into brand marketing, we are confident that we will be able to
accelerate business growth throughout the coming financial year, creating
significant value for shareholders. We will update the market on progress
milestones in due course.
Strategic report
Results for the year
The loss before tax attributable to shareholders for the year amounted to
£654k (2022: loss before tax £95k). Adjusted EBITDA* was a loss of £785k
(2022: profit of £9k).
Year-on-year sales revenues and volumes declined 55% and 56% respectively and
reflects a number of one-off issues affecting the business during the
financial year. These included the implementation of a new business model
moving from a distributor-based model to taking direct control of supplying
major UK customers. This transition resulted in a significant one-off
reduction in UK market stock cover with a consequential reduction in revenues
during the year. This was compounded by a system issue at a major retail
customer resulting in a significant reduction in Redleg Spiced Rum stock
availability during the key Christmas trading period together with a delisting
of Blackwoods gin by a mid-sized retailer. More broadly the UK spirits market
proved softer than expected in response to the challenging economic
environment, particularly inflation which impacted consumer confidence.
Gross margins fell to 52% (2022: 55%) primarily due to a significant increase
in the cost of goods as our suppliers implemented double digit price increases
in response to inflation. In the short-term gross margins will remain subdued
due to these cost increases whilst in the medium term we expect recovery
toward prior year levels as the benefits of the change in business model to
direct customer supply and brand premiumisation filter through.
We continued to invest in brand development during the period. Despite seeing
a reduction in absolute terms, marketing spend as a percentage of sales
increased to 44% (2022: 30%) partly due to Q1 costs associated with the Redleg
Spiced Rum TV campaign and also as we continued to build programmes to support
our existing brands and lay the groundwork to create and launch new products
in response to consumer trends during 2023.
The Group seeks to minimise overheads where possible, whilst ensuring
sufficient investment to support the growth in sales of its existing brands
and development of new brands. Other administrative expenses increased by 11%
over prior year. Adjusting for the one-off costs associated with the financing
and investment in Ardgowan Distillery Limited in the prior year, the
like-for-like increase was 21%, primarily due to investment in staff
recruitment to support business growth, increased travel and professional fees
as well as general inflationary cost increases.
Cash flow
The operating loss together with net movements in working capital resulted in
a net cash outflow from operating activities of £966k during the year (2022:
£151k inflow). Net movements in working capital were impacted by a £432k
increase in inventories during the year. This was due to the "one-off" return
of unsold stock from our former UK distributor as a result of our business
remodel together with lower than expected sales volumes. Following convertible
loan interest income of £150k from Ardgowan and modest capex, the Company's
cash and cash equivalents decreased by £845k to £717k at the financial year
end.
Balance sheet
The Group had net assets of £6.80m at the financial year end (2022: £7.55m).
This included financial assets of £3.0m (2022: £3.0m), cash reserves of
£0.72m (2022: £1.56m) and intangible assets of £1.63m (2022: £1.61m)
comprising expenditure on trademarks related to our brands. Financial assets
solely comprise our investment in Ardgowan, further details of which are set
out below and note 12 to the accounts. Inventories increased to £1.07m (2022:
£637k) primarily due to the aforementioned business model change and lower
than expected sales volumes.
Investment in Ardgowan Distillery Limited
The £3 million strategic investment in Ardgowan is in the form of a
convertible loan yielding interest of 5% per annum. After careful
consideration by the Board it was decided not to exercise the option to invest
a further £2 million before its expiry on 31 December 2022 and to focus cash
resources on our core business.
*EBITDA is adjusted for share based payment expenses of £3k (2022: £59k) and
one-off costs associated with the Ardgowan financing and investment of £Nil
(2022: £66k).
Principal activities and business review
Distil Plc (the "Company") acts as a holding company for the entities in the
Distil Plc Group (the "Group"). The principal activity of the Group throughout
the period under review was the marketing and selling of RedLeg Spiced Rum,
Blackwoods Vintage Gin, Blackwoods Vodka, Blavod Original Black Vodka, TRØVE
Botanical Spirit and Diva Vodka.
The 2023 financial year was a year of transition, and the disappointing
performance primarily reflects the change in business model away from our UK
distributor and taking direct control of supply to major UK customers. This
change required a one-off but prolonged clearing of stocks from the previous
distributor which significantly impacted revenues. This was further compounded
by a softer than expected UK spirit market in response to the ongoing
challenging economic environment together with inflationary pressure
throughout our supply chain. Having completed this transition the focus in the
year ahead is to drive domestic and export revenue growth through
multi-channel and marketing activities and new product launches whilst
ensuring overhead costs remain appropriate for the size of the Group.
Key performance indicators
The Group monitors progress with particular reference to the following key
performance indicators:
· Contribution - defined as gross margin less advertising and
promotional costs
Contribution for the year decreased £638k to £102k (2022: £739k). This
decrease was primarily due to a 55% fall in overall sales revenues whilst
advertising and marketing costs saw a lesser reduction of 35% during the year
as we maintained investment in brand development.
· Sales turnover versus previous year
Total sales decreased 55% year-on-year to £1.32m (2021: £2.94m). Sales of
RedLeg Spiced Rum which accounts for the majority of sales revenue decreased
52% whilst Blackwoods gin posted a 86% decrease in revenue during the period.
Blackwoods Vodka and Blavod Original Black Vodka experienced a reduction in
sales of 34% and 41% respectively whilst TRØVE Botanical Spirit posted a
sales increase of 59%, albeit all off relatively small bases.
· Gross margin versus previous year
Gross margin as a percentage of sales experienced a reduction to 52% (2022:
55%) due to an increase in the costs of sales caused by inflationary pressures
throughout the Group's supply chain. The change in business model away from
the UK distributor model should mitigate these increases in the short to
medium term as we capture additional margin from the supply chain and
premiumise our brands.
We also closely monitor both the level of, and value derived from our
advertising and promotional costs and other administrative costs. As a
percentage of sales, advertising and promotional spend amounted to 44% (2022:
30%) during the year, reflecting our continued commitment to investing in
existing and new brand development.
Other administrative costs increased 11% to £903k (2022: £812k). Adjusting
for the one-off costs associated with the financing and investment in Ardgowan
during the prior year (£66k), other administrative costs increased 21%. This
increase was primarily due to an increase in staff costs, as we strengthened
the team during the period, additional professional fees and travel costs and
general inflationary cost increases.
Principal risks and uncertainties
As a relatively small but growing business our senior management is naturally
involved day to day in all key decisions and the management of risk. Where
possible, structured processes and strategies are in place to monitor and
mitigate as appropriate. This involves a formal review at Board level.
The directors are of the opinion that a thorough risk management process has
been adopted which involves a formal review of the principal risks identified
below. Where possible, processes are in place to monitor and mitigate such
risks.
· Economic downturn
The success of the business is reliant on consumer spending. An economic
downturn, resulting in reduction of consumer spending power, will have a
direct impact on the income achieved by the Group. In response to this risk,
senior management aim to keep abreast of economic conditions. In cases of
severe economic downturn, marketing and pricing strategies will be modified to
reflect the new market conditions.
· High proportion of fixed overheads and variable revenues
A large proportion of the Group's overheads are fixed. There is the risk that
any significant changes in revenue may lead to the inability to cover such
costs. Senior management closely monitor fixed overheads against budget on a
monthly basis and cost saving exercises are implemented wherever possible when
there is an anticipated decline in revenues.
· Competition
The market in which the Group operates is highly competitive. As a result,
there is constant downward pressure on margins and the additional risk of
being unable to meet customer expectations. Policies of constant price
monitoring and ongoing market research are in place to mitigate such risks.
· Failure to ensure brands evolve in relation to changes in
consumer taste
The Group's products are subject to shifts in fashions and trends and the
Group is therefore exposed to the risk that it will be unable to evolve its
brands to meet such changes in taste. The Group carries out regular consumer
research on an ongoing basis in an attempt to carefully monitor developments
in consumer taste.
· Portfolio management
A key driver of the Group's success lies in the mix and performance of the
brands which form the Group's portfolio. The Group constantly and carefully
monitors the performance of each brand within the portfolio to ensure that its
individual performance is optimised together with the overall balance of
performance of all brands marketed and sold by the Group.
Future developments
We remain focused on four key growth drivers to maintain profitable brand
growth and create value. These are listed below:
Brand activation and marketing at the point of sale:
· Precise timing and frequency of promotional activity including
occasions & gifting.
· Bringing promotions to life and aligned with changing consumer
needs.
· Marketing and promotional activity tailored to local market
needs.
Innovation in liquid & packaging development:
· Pack sizes & formats, new brands, liquids and flavours.
Route to consumer:
· Build long term relationships with capable local distributors in
each key market.
· Open new territories for each key brand, targeting premium growth
markets.
· Develop new trade channels through format and product.
Access to new production and design:
· Across all aspects of distilling, bottling, packaging.
Consolidated statement of comprehensive income
For the year ended 31 March 2023
2023 2022
£'000 £'000
Revenue 1,320 2,942
Cost of sales (636) (1,313)
Gross profit 684 1,629
Administrative expenses:
Advertising and promotional costs (582) (890)
Other administrative expenses (903) (812)
Share based payment expense (3) (59)
Total administrative expenses (1,488) (1,761)
Loss from operations (804) (132)
Finance income 150 37
Loss before tax (654) (95)
Taxation (94) 269
(Loss)/profit for the year and total comprehensive income (748) 174
(Loss)/earnings per share
Basic (pence per share) (0.11) 0.03
Diluted (pence per share) (0.11) 0.02
Consolidated statement of financial position
As at 31 March 2023
2023 2022
£'000 £'000
Assets
Non-current assets
Property, plant and equipment 153 167
Intangible assets 1,633 1,606
Financial assets at amortised cost 3,000 3,000
Deferred tax asset 351 445
Total non-current assets 5,137 5,218
Current assets
Inventories 1,069 637
Trade and other receivables 883 687
Cash and cash equivalents 717 1,562
Total current assets 2,666 2,886
Total assets 7,806 8,104
Liabilities
Current liabilities
Trade and other payables 854 407
Financial liabilities at amortised cost 150 150
Total current liabilities 1,004 557
Total liabilities 1,004 557
Net assets 6,802 7,547
Equity
Share capital 1,474 1,474
Share premium 6,211 6,211
Share-based payment reserve 200 198
Accumulated losses (1,084) (336)
Total equity 6,802 7,547
Consolidated statement of changes in equity
For the year ended 31 March 2023
Share capital Share premium Share-based payment reserve Accumulated losses Total equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 April 2021 1,292 2,908 117 (510) 3,807
Profit for the year and total comprehensive income - - - 174 174
Shares issued 182 3,466 - - 3,648
Share issue costs - (141) - - (141)
Share based payment expense - (22) 81 - 59
Balance at 31 March 2022 and 1,474 6,211 198 (336) 7,547
1 April 2022
Loss for the year and total comprehensive income - - - (748) (748)
Share based payment expense - - 3 - 3
Balance at 31 March 2023 1,474 6,211 201 (1,084) (6,802)
Consolidated statement of cash flows
For the year ended 31 March 2023
2023 2022
£'000 £'000
Cash flows from operating activities
Loss before taxation (654) (95)
Adjustments for non-cash/non-operating items:
Finance income (150) (37)
Depreciation 16 16
Expenses settled by shares - 15
Share-based payment expense 3 59
(785) (42)
Movements in working capital
Increase in inventories (432) (84)
Increase in trade and other receivables (196) (78)
Increase in trade and other payables 447 54
Net cash used in operating activities (966) (150)
Cash flows from investing activities
Purchase of property, plant and equipment (2) (16)
Expenditure relating to licences and trademarks (27) (8)
Payment on issue of convertible loan notes - (2,850)
Net cash used in investing activities (29) (2,874)
Cash flows from financing activities
Proceeds from issue of shares, net of issue costs - 3,492
Interest received on convertible loans 150 32
Net cash generated from financing activities 150 3,524
Net (decrease)/increase in cash and cash equivalents (845) 500
Cash and cash equivalents at beginning of year 1,562 1,062
Cash and cash equivalents at end of year 717 1,562
Note : the above "Note" references refer to the Notes to the Financial
Statements in the Annual Report & Accounts, a copy of which will be
available shortly on the Company's website www.distil.uk.com and which will be
available from the Company's registered office. A further notification will
be made at that time.
1. Basis of preparation and summary of significant accounting policies
The consolidated and company financial statements are for the year ended 31
March 2023. They have been prepared in accordance with UK-adopted
International Accounting Standards ("IFRS").
The financial statements have been prepared under the historical cost
convention. The measurement bases and principal accounting policies of the
Group are set out below.
Distil Plc is the Group's ultimate parent company. The Company is a public
limited company incorporated and domiciled in England and Wales. The address
of Distil Plc's registered office is 201 Temple Chambers, 3-7 Temple Avenue,
EC4Y 0DT and its principal place of business is 73 Watling Street, EC4M 9BJ.
These results are audited; however, the financial information does not
constitute statutory accounts as defined under section 434 of the Companies
Act 2006. The consolidated balance sheet at 31 March 2023 and the consolidated
statement of comprehensive income, consolidated statement of changes in equity
and consolidated statement of cash flows for the year then ended have been
extracted from the Group's 2023 statutory consolidated financial statements
upon which the auditor's opinion is unqualified. The statutory consolidated
financial statements for the year ended 31 March 2023 were approved by the
Board on 3 July 2023 and will be delivered to the Registrar of Companies in
due course.
The financial information for the year ended 31 March 2023 has been derived
from the Group's statutory consolidated financial statements for that year, as
filed with the Registrar of Companies. Those consolidated financial statements
contained an unqualified audit report.
A copy of the Annual Report & Accounts will shortly be available on the
Company's website www.distil.uk.com and will be available from the Company's
registered office.
2. (Loss)/earnings per share
The calculation of the basic earnings per share is based on the results
attributable to ordinary shareholders divided by the weighted average number
of shares in issue during the year.
The diluted earnings per share is calculated based upon dilutive share options
and warrants, see note 16 (c). In the current year, as the Group was loss
making, the share options and warrants have not been included in the
calculation as they would be anti-dilutive.
The earnings and weighted average number of shares used in the calculations
are set out below.
2023 2022
(Loss)/profit attributable to ordinary shareholders (£'000) (748) 174
Weighted average of number of shares 684,399,579 676,801,406
Basic per share (pence) (0.11) 0.03
Diluted per share (pence) (0.11) 0.02
3. Segment reporting
2023 2022
£'000 £'000
Revenue
UK 1,190 2,612
Export 130 330
1,320 2,942
Gross profit
UK 598 1,424
Export 86 205
684 1,629
The directors have decided that providing a geographical split by two
locations, UK and Export, offers an enhanced indicator of business activity.
Only revenue and gross profit can be easily identifiable when splitting
between UK and export markets. All trade is undertaken, and assets are held in
one geographic location, being the UK.
The Group's revenue included 3 (2022: 1) customers making up more than 10%
each during the year:
2023 2022
£'000 £'000
Revenue by Type
Customer 1 552 -
Customer 2 217 -
Customer 3 140 -
Customer 4 97 2,531
All other customers 314 411
1,320 2,942
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