REG - Distil PLC - Final Results
13/06/2022 07:00
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RNS Number : 5591O Distil PLC 13 June 2022
Distil plc
("Distil" or the "Group")
Final Results for year ended 31 March 2022
"Building for long term growth"
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 2022.
Operational highlights
· RedLeg Tropical Rum launched into UK and Australian market
· New export markets opened in Eastern Europe
· Additional listings secured for RedLeg Spiced Rum range
· TRØVE Botanical Vodka listed in prestigious premium UK retailer
· TRØVE Trademark successfully registered in USA
· Successful launch of Blackwoods 2021 Vintage, including branding
refresh and new liquid development across the range as all gin production
moved to Scotland
· Development of Blackwoods distillery at Ardgowan, near Glasgow,
continues in line with plans with gin production expected to commence late
Summer 2022.
Financial* and corporate highlights
· Turnover decreased 19% to £2.94 million (2021: £3.62 million)
(increased 20% vs 2020: £2.44 million)
· Gross profit decreased 19% to £1.63 million (2021: £2.01
million) (increased 13% vs 2020: £1.45 million)
· Volumes (litres) decreased 12% (increased13% over volumes in year
ended 31 March 2020)
· Margins remained broadly level at 55.4% (2021: 55.6%) (2020:
59.2%)
· Advertising and promotion spend decreased 17% to £890k (2021:
£1.07 million) (2020: £665k)
· Adjusted** administrative expenses increased 15% to £746k (2021:
£651k) (2020: £597k)
· Adjusted*** EBITDA of £9k (2021: £303k) (2020: £195k)
· Operating loss of £132k (2021: £254k profit) (2020: £184k
profit)
· Net cash inflow of £500k (2020: £204k) resulting in year-end
cash reserves of £1.56 million (2021: £1.06 million)
· Net assets of £7.34 million (2021: £3.81 million) at 31 March
2022
· Successful equity fund raise of £3.2 million (before expenses)
to invest in Ardgowan Distillery Company Limited; Initial advance of £2.85
million (£3 million less £150k retained interest) made to Ardgowan
· Appointment of Michael Keiller as Non-Executive Director
*Due to the unprecedented one-off surge in sales in the prior financial year,
especially during Q2 (June-September), caused by the impact of lockdown and
associated unusual trading patterns, the above financial highlights are
presented for both the prior year and 2020 to enable a proper understanding of
key trends.
** Administrative costs 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
Don Goulding, Executive Chairman of Distil, said:
" Distil brands continued to perform well in a volatile market recovering
post-Covid. The reopening and return of consumer confidence in the hospitality
sector has contributed to growth in-line with our forecasts pre-pandemic.
Continued challenges to costs have accelerated the consolidation of our
production, which has allowed us to benefit from greater efficiencies and
economies of scale. In addition, we are building our sales and marketing
departments internally to allow us to react quickly to market challenges,
increase our distribution footprint and drive marketing reach "
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, 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
Our brands performed well in a market recovering post-COVID-19, which this
year saw the encouraging return of the on-trade to 2019 levels despite
experiencing months of closures, and Duty-Free markets reopening amid
increased confidence in travel. However, this is being balanced by new
pressures and volatility from supply chain challenges, widespread cost
inflation and, more recently, the impact of tragic conflict in Ukraine.
Sales revenue declined 19% year on year as we lapped extraordinary results in
the year ended 31 March 2021. During that year revenues increased 48% versus
prior year, in part due to additional retailer promotional activity throughout
lockdown, consumer panic buying and export market distributors building stock
cover.
Compared to the year ended 31 March 2020, revenue has increased 20% and in
line with previous market growth expectations prior to lockdown.
Reported losses of £95k over the past 12 months are mainly attributed to the
Ardgowan investment and financing costs totalling £66k and prepaid marketing
costs of £34k.
Marketing and new product development
Throughout recent market turbulence, we maintained focus on creating
stakeholder value through premium spirit brand building in the UK and
internationally.
To support this, marketing activity has focussed on price premiumisation, and
the development of our first TV commercial for RedLeg Spiced Rum. Launched
regionally at the start of the new financial year commencing April 2022, this
represents a major investment in long-term growth of our most popular brand.
Working closely with strategic partners including ITV with the aim of building
consumer brand awareness, the advertisement received critical acclaim in trade
press. We will continue to ensure strategic moves are made to build on this
success in the coming year.
New varieties of RedLeg Spiced Rum were launched including new packaging
formats. In January, 1L RedLeg Spiced Rum launched in the UK to target new
opportunities for growth with value-driven consumers shopping online. In
August, we developed a partnership with a well-established national gifting
company to launch a unique miniature gift pack securing national listings in
major grocery and high-street retailers.
To capitalise on the growing popularity of flavoured spirits, this year saw
the introduction of RedLeg Tropical Rum, which has been well received in the
on-trade and has secured a major listing in Australia.
TRØVE Botanical Vodka secured a listing of all three varieties with a
prestigious premium UK retailer, and the trademark was successfully registered
in the US.
New product development centred on the crafting of a new vintage for
Blackwoods gin, involving the creation of a new, premium liquid from our
Master Distiller, as well as a significant branding refresh across the range
to highlight Scottish provenance. As part of the development of this new
vintage, we transferred all distillation and bottling of both Blackwoods gin
and Blackwoods vodka to Scotland. These moves align all aspects of production
ahead of the planned opening of our new Blackwoods distillery at the
impressive Ardgowan site near Inverkip, west of Glasgow.
Planning for the site has been approved and the team is pressing ahead with
the development of exciting plans for Blackwoods Distillery. Scottish-made
distillery equipment has been commissioned and is expected to be delivered in
the summer, with gin production due to start shortly after. The Ardgowan
Distillery is investing in the latest technologies to reduce impact across the
production process and has pledged to be carbon negative by 2024.
Sustainability is a focus across all brands, we maintained pressure to reduce
our environmental footprint through improvement measures large and small. This
includes now using 100% recyclable corks and stoppers with a no-glue system,
moving our labels to 100% recycled paper or, in the case of RedLeg, paper made
from waste sugarcane, and increasing the percentage of recycled glass used in
production of our bottles.
Improving our 'green' credentials is an area of good progress although we
still have much to do. We are, therefore, continually looking for new ways to
reduce fuel usage and waste throughout the entire supply chain and to find
creative packaging solutions.
After the reopening of hospitality, we returned to events, albeit on a reduced
scale, and being face-to-face with the consumer to build brand awareness and
trial which we hope to be back in full swing of by the end of this coming
financial year.
Export growth
International market expansion progressed, with new markets opened in central
and eastern Europe. As confidence in international travel began to resume, the
Duty-Free market showed encouraging signs of growth, especially for Blavod
black vodka, which was hardest hit during lockdown.
Ukraine and Russia were new growth markets for our brands prior to the tragic
conflict commencing in February. Both were still relatively small and
therefore these market closures have had little or no material impact on our
results or plans. In our spring trading update we were able to confirm to all
customers and shareholders that we do not source, directly or indirectly, any
packaging, ingredients or production from either Ukraine or Russia.
Cost pressures
Over the past year we have seen substantial cost price increases being
proposed by our suppliers due to inflation, paper shortages, labour shortages
and increased fuel costs. We continued to manage these cost pressures and make
savings where possible whilst maintaining supply of products for all our
markets. As part of this cost management, we successfully consolidated the
majority of production to one site to gain economies of scale and improved
efficiencies.
Strategic investment into Ardgowan Distillery
In August, we announced a £3 million strategic investment in the form of a
convertible loan and with an option to increase to £5 million in Ardgowan
Distillery Company Limited which will see the development of a new Malt Whisky
distillery, planned for opening in 2023. This move will provide the Company
with a long-term interest in a growing premium category as we develop our own
Malt Scotch, as well as providing a new home for Blackwoods Gin with its own
distillery, visitors' centre and retail facilities.
Board Changes
In July, we welcomed Mike Keiller on to the board as an Independent
Non-executive Director.
Mike brings a wealth of experience to the business. Having begun his career as
a chartered accountant, Mike went on to hold senior finance and business
change roles at Guinness plc, United Distillers Europe and Diageo plc in its
early development stage. Continuing this experience of business
transformation, Mike joined Suntory owned Morrison Bowmore Distillers Ltd as
CEO in 2000, developing a vision and strategy which converted the business
from bulk whisky supplier to a strongly profitable consumer brand
marketing-led business with globally acclaimed single malts. He retired from
full time management in 2014 after assisting Suntory with the integration of
their acquisition of Beam Inc. Following this, from 2015 to 2018, Mike was
Non-executive Director of The Last Drop Distillers Ltd which was sold to The
Sazerac Corporation in 2017.
Outlook
The international premium spirits market remains attractive despite local and
global pressures, and our brands are well positioned within their categories,
and supported by our team which is responding well with an adaptable and
positive mindset to ever changing environments and new growth opportunities to
drive the business forward.
In addition, we have plans to strengthen the organisation in commercial and
marketing departments to further accelerate growth of our brands.
As we enter the new financial year, price inflation will play a key role in
determining cost of goods and consumer spending habits as disposable income is
squeezed.
On the supply side we will strongly resist increases and work to find creative
cost efficiencies and to leverage scale.
During a time of higher inflation and reductions in disposable income, our
brands will remain
reassuringly positioned as an affordable premium product.
Throughout this time, we will continue to focus on driving efficiencies and
closely managing our supply chain to ensure that margins are protected
wherever possible and will continue to invest in marketing support of these
brands, as well as new product development, to build brand positions within
the market.
Strategic Report
Results for the year
The loss before tax attributable to shareholders for the year amounted to
£95k which includes transaction costs relating to the investment in the
Ardgowan convertible loan in August 2021 (2021: profit before tax £243k).
Adjusted EBITDA* was £9k (2021: £303k)
Year-on-year sales revenues and volumes declined 19% and 12% respectively.
However, this was against challenging prior year figures, distorted by the
initial Covid-19 lockdown and customer stockpiling which resulted in an
unprecedented surge in sales by 48%, particularly in the second quarter of
that year. Compared to pre-pandemic sales levels reported in the year ended
31 March 2020, sales revenues and volumes grew 20% and 13% respectively,
largely driven by our lead brand, RedLeg Spiced Rum. This was in line with
previous growth forecasts and expectations.
Despite an increase in production costs caused by supply chain disruptions we
maintained year-on-year gross margins at c.55% during the period. In the short
term we do not expect gross margins to return to pre-Covid levels due to cost
increases throughout the supply chain. We continued to invest in brand
development during the period, maintaining overall marketing spend at 30% of
sales revenue. Additional marketing funds were invested in launching our new
Blackwoods 2021 Vintage and also in promotional activity across Redleg Spiced
Rum to support a retail sales price increase as we 'premiumise' the brand.
The Group continues 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 (including lease
amortisation costs and one-off costs associated with the financing and
investment in Ardgowan Distillery Limited ("Ardgowan")) increased by 25% over
prior year. Adjusting for the one-off Ardgowan costs the increase was a modest
15% largely due to investment in staff recruitment to support business growth.
Cash flow
The operating loss together with net movements in working capital resulted in
a net cash outflow from operating activities of £150k during the year (2021:
£254k inflow). Following the equity financing and investment in Ardgowan,
exercise of warrants by a shareholder during the period and modest capex, the
Company's cash and cash equivalents increased £500k to £1.56 million at the
financial year end.
Balance sheet
The Group had net assets of £7.55m at the financial year end (2021: £3.81m).
This included financial assets of £3.0m (2021: £nil), cash reserves of
£1.56m (2021: £1.06m) and intangible assets of £1.61m (2021: £1.60m)
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 £637k (2021:
£553k) primarily due to planned increases to mitigate anticipated disruptions
in supply.
Investment in Ardgowan Distillery Limited
In August 2021 we announced a £3 million strategic investment (in the form of
a convertible loan and with an option to increase to £5 million before 31
December 2022) in Ardgowan Distillery Limited which will see development of a
new Malt Whisky distillery, planned for opening in 2023. To enable the
Ardgowan investment we completed an equity fundraising in August that raised
£3.2 million (before expenses) from existing and new shareholders.
The investment provides the Company with a long-term interest in a growing
premium category as we develop our own Malt Scotch, as well as providing a new
home for Blackwoods Gin with its own distillery, Gin school and visitors'
centre. Development of the gin distillery at Ardgowan is progressing in line
with plans with gin production due to commence at the end of Summer 2022.
*EBITDA is adjusted for share based payment expenses of £59k (2021: £34k)
and one-off costs associated with the Ardgowan financing and investment of
£66k (2021: £nil).
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 overall results for the 2022 financial year reflect the continued priority
of investing in the Group's key brands to drive top line growth in both
domestic and international markets 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 £200k to £739k (2021: £939k) (2020:
£781k). This decrease was primarily due to a 19% fall in overall sales
revenues whilst advertising and marketing costs saw a lesser reduction of 17%
during the year as we maintained investment in our brands.
· Sales turnover versus previous year
Total sales decreased 19% year-on-year to £2.94m (2021:£3.62m)
(2020:£2.44m). Sales of RedLeg Spiced Rum which accounts for the majority
of sales revenue decreased 19% whilst Blackwoods Gin posted a 20% decrease in
revenue during the period. Blackwoods Vodka and Blavod Original Black Vodka
experienced a recovery in sales with increases of 56% and 129% respectively,
albeit off relatively small bases.
· Gross margin versus previous year
Gross margin as a percentage of sales experienced only a small reduction to
55.4% (2021: 55.6%) (2020: 59.2%) despite an increase in production costs
arising from disruptions to the supply chain (caused by widespread staff
shortages across production and distribution) and materials cost inflation.
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 30% (2021:
30%) (2020: 27%) during the year, reflecting our continued commitment to
investing in existing and new brand development.
Other administrative costs increased 25% to £812k (2021: £651k) (2020:
£597k). Adjusting for £66k one-off costs associated with the financing and
investment in Ardgowan during the period, other administrative costs amounted
to £746k, a 15% increase on 2021 levels.
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 2022
2022 2021
£'000 £'000
Revenue 2,942 3,616
Cost of sales (1,313) (1,606)
Gross profit 1,629 2,010
Administrative expenses:
Advertising and promotional costs (890) (1,071)
Other administrative expenses (812) (651)
Share based payment expense (59) (34)
Total administrative expenses (1,761) (1,756)
(Loss)/profit from operations (132) 254
Finance income 37 -
Finance expense - (11)
(Loss)/profit before tax (95) 243
Taxation 269 100
Profit for the year and total comprehensive income 174 343
Earnings per share
Basic (pence per share) 0.03 0.07
Diluted (pence per share) 0.02 0.07
Consolidated statement of financial position
As at 31 March 2022
2022 2021
£'000 £'000
Assets
Non-current assets
Property, plant and equipment 167 167
Intangible assets 1,606 1,598
Financial assets at amortised cost 3,000 -
Deferred tax asset 445 176
Total non-current assets 5,218 1,941
Current assets
Inventories 637 553
Trade and other receivables 687 609
Cash and cash equivalents 1,562 1,062
Total current assets 2,886 2,224
Total assets 8,104 4,165
Liabilities
Current liabilities
Trade and other payables 407 358
Financial liabilities at amortised cost 150 -
Total current liabilities 557 358
Total liabilities 557 358
Net assets 7,547 3,807
Equity
Share capital 1,474 1,292
Share premium 6,211 2,908
Share-based payment reserve 198 117
Accumulated losses (336) (510)
Total equity 7,547 3,807
Consolidated statement of changes in equity
For the year ended 31 March 2022
Share capital Share premium Share-based payment reserve Accumulated losses Total equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 April 2020 1,292 2,908 83 (853) 3,430
Profit for the year and total comprehensive income - - - 343 343
Share based payment expense - - 34 - 34
Balance at 31 March 2021 and 1,292 2,908 117 (510) 3,807
1 April 2021
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 1,474 6,211 198 (336) 7,547
Consolidated statement of cash flows
For the year ended 31 March 2022
2022 2021
£'000 £'000
Cash flows from operating activities
(Loss)/profit before taxation (95) 243
Adjustments for non-cash/non-operating items:
Finance income (37) -
Finance expense - 11
Depreciation 16 15
Expenses settled by shares 15 -
Share-based payment expense 59 34
(42) 303
Movements in working capital
Increase in inventories (84) (204)
Increase in trade and other receivables (78) (66)
Increase in trade and other payables 54 221
Net cash generated (used in)/from operating activities (150) 254
Cash flows from investing activities
Purchase of property, plant and equipment (16) (29)
Expenditure relating to licences and trademarks (8) (21)
Payment on issue of convertible loan notes (2,850) -
Net cash used in investing activities (2,874) (50)
Cash flows from financing activities
Proceeds from issue of shares, net of issue costs 3,492 -
Interest received on convertible loans 32 -
Net cash generated from financing activities 3,524 -
Net increase in cash and cash equivalents 500 204
Cash and cash equivalents at beginning of year 1,062 858
Cash and cash equivalents at end of year 1,562 1,062
1. Basis of preparation and summary of significant accounting policies
The consolidated and company financial statements are for the year ended 31
March 2022. 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 2022 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 2022 statutory consolidated financial statements
upon which the auditor's opinion is unqualified. The statutory consolidated
financial statements for the year ended 31 March 2022 were approved by the
Board on 10 June 2022 and will be delivered to the Registrar of Companies in
due course.
The financial information for the year ended 31 March 2022 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 (http://www.distil.uk.com) and from the
Company's registered office.
2. 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.
The earnings and weighted average number of shares used in the calculations
are set out below.
2022 2021
Profit attributable to ordinary shareholders (£'000) 174 343
Weighted average of number of shares 676,801,406 501,982,913
Basic per share (pence) 0.03 0.07
Diluted per share (pence) 0.02 0.07
3. Segment reporting
2022 2021
£'000 £'000
Revenue
UK 2,612 3,221
Export 330 395
2,942 3,616
Gross profit
UK -1,424 1,810
Export 205 200
1,629 2,010
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.
During the year ended 31 March 2022, 86% of the Group's revenue was derived
from one wholesale distributor (2021: 78%). All of this related to UK revenue.
There were no other customers who accounted for more than 10% of revenue.
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