REG - Distil PLC - Final Results
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RNS Number : 3018B Distil PLC 30 September 2025
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Distil plc
("Distil" or the "Group")
Final Results for year ended 31 March 2025
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 2025.
Operational highlights
· Strategic partnership with Global Brands Ltd extended to include
UK on-trade, giving Global Brands full distribution rights in the UK
· Successful transition from previous UK distributor has led to
gaining distribution with new listings secured in the UK on-trade (post
year-end)
· Blackwoods Brand Home first-fit completed in preparation for the
open day held 20 June 2025 (post year-end)
· Board strengthened with appointment of Addy Adebola (Finance and
Operations Director) and Sarah Kingsbury (Marketing Director); Roland Grain
(NED) retired from the Board to focus on his other business interests
· Distribution partnership agreed with AIKO Importers, Inc to bring
Blavod Black Vodka back to US market (post year-end)
· Variation to terms of Ardgowan convertible loan investment agreed
to facilitate opening of Ardgowan whisky distillery and laying down of first
whisky stocks (post year-end)
· Review of strategic options, to determine how best to support the
Company in delivering long-term shareholder value, remains ongoing.
Financial highlights
· Turnover decreased 32% to £1.04 million (2024: £1.52 million)
· Gross profit decreased 46% to £394k (2024: £736k)
· Volumes (litres) decreased 27%
· Margins decreased to 38% (2024: 48%); one-off stock adjustment
accounted for 8% of reduction (2024: £nil)
· Advertising and promotion spend decreased 14% to £444k (2024:
£515k)
· Operating loss of £1,232k (2024: loss £1,092k)
· Net cash outflow of £188k (2024: £191k outflow) resulting in
year-end cash reserves of £338k (31 March 2024: £526k); £650k (gross)
successfully raised via equity fund raise during the year
· Net assets of £5.68 million (2024: £6.37 million) at 31 March
2025
· Fund raise of £755k (gross) via equity placing completed to meet
near-term cash requirements whilst review of strategic options remains
ongoing. £377k (gross) of fundraise proceeds conditional on shareholder
approval (post year-end)
Don Goulding, Executive Chairman of Distil, said:
"The past twelve months have been a period of both challenge and distinct
progress, as we navigate a changing spirits market while advancing our
strategic growth initiatives.
Having been involved in the industry for many years I see the combination of
increased operational costs, labour shortages and shifting social patterns as
the most significant in a generation. In the UK, our biggest market, we've
seen alcohol duty increase at its highest rate in 50 years and combined, these
factors are driving inflation price increases to consumer, limiting spending,
and our business has suffered along with the wider industry
The past year, in light of market conditions, was focussed on strengthening
our core brands and we continue to protect our intellectual property in all
operating territories, ensuring that our brands remain competitive and
differentiated.
A major development is our partnership with Global Brands Ltd, which took on
management of our full UK distribution in February 2025. While initial
stock-build boosted Q4 results, longer-term impact will be seen in the
financial year ending March 2026. We're confident that the move will yield
positive results, as the business boasts a strong sales team with good
national coverage across all key channels.
We have managed down overhead costs to help mitigate exceptional inflation in
supply costs and continue to monitor these on an ongoing basis.
Looking ahead to FY25/26, we see reason for cautious optimism. Despite the
challenges facing the industry, we believe that consumer confidence will start
to return, and our brands are well positioned to benefit when the market
returns.
Our expanded UK distribution network should begin to yield greater
opportunities to drive volume and brand awareness in the on-trade, and our
efforts to establish strong promotional plans in the off-trade will ensure we
are able to build the brands in this channel.
We will continue our proactive approach to cost management and regular review
of strategic options to ensure that the business is positioned for growth and
delivery of shareholder value. "
For further information:
Distil PLC
Don Goulding, Executive Chairman Tel: +44 203 283 4006
SPARK Advisory Partners Limited
(NOMAD)
Neil Baldwin Tel: +44 203 368 3550
Mark Brady
Allenby Capital Ltd
(Broker)
James Reeve/Piers Shimwell Tel: +44 (0)20 3328 5656
Jos Pinnington/Matt Butlin
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, and gin and are called RedLeg Spiced Rum.
Blackwoods Vintage Gin, Blackwoods Vodka, TRØVE Botanical Vodkas, Blavod
Original Black Vodka and Diva Vodka.
Chairman's statement
Performance
The past twelve months have been a period of both challenge and distinct
progress, as we navigate a changing spirits market while advancing our
strategic growth initiatives.
In the UK, our biggest market, we've seen further alcohol duty increases, a
rise in employer National Insurance contributions and above inflation
increases in power costs, cost of goods and minimum wage. Together, these
additional taxes and operational costs have placed significant burdens on the
industry, especially in the hospitality sector where we have seen many
closures.
Against a challenging economic environment, consumer confidence has remained
fragile and disposable income remains under pressure due to cost-of-living
inflation. As a result, our business, along with many others, has suffered,
and we're disappointed to report that revenues decreased 32% year-on-year, as
reported in our trading updates.
Having been involved in the industry for many years I see the combination of
increased operational costs, labour shortages and shifting social patterns as
the most significant in a generation. This can however lead to new
opportunities and fresh growth if the operators are given fair chance.
Successful hospitality entrepreneurs tune in to their customer needs and are
therefore able to adapt if given an environment where they can thrive. I share
the belief that the benefits of a buoyant hospitality industry to physical
social interaction, community and local employment are significant, and the
industry should be better supported.
We are engaging with those industry bodies that are seeking to engage with
government to listen to their needs. We're hopeful of period of political and
economic stability to help restore consumer confidence in the medium term.
Distil plc remains focused on building an agile, low-overhead business centred
on proprietary premium spirits brands. Our core portfolio: RedLeg Spiced Rum,
Blackwood's Gin & Vodka, Blavod Black Vodka is the foundation of the
business. The past year, in light of market conditions, was focussed on
protecting and strengthening these core brands and we continue to protect and
strengthen our intellectual property in all operating territories, ensuring
that our brands remain competitive and differentiated.
A major development is our partnership with Global Brands Ltd, which took on
management of our full UK distribution in February 2025. While initial
stock-build boosted Q4 results, longer-term impact will be seen in the
financial year ending March 2026. We're confident that the move will yield
positive results, as the business boasts a strong sales team with good
national coverage across all key channels.
Marketing and new product development
Echoing the overall business focus to stabilise through the turbulence,
marketing this year was primarily directed towards volume-driving activity at
point of purchase, such as in-store media in our major grocery customers.
Elsewhere, our direct-to-consumer channel was refreshed to make it easier for
consumers to shop our brands. This included moving the e-commerce platform to
enable greater flexibility of design and increased marketing function to
better connect with and target consumers across the stores.
Results have been encouraging, with triple-digit uplifts vs the previous year
across redlegrum.com. We continue to see digital marketing and e-commerce as a
key channel for the brands to reach and retain consumers and will continue to
invest in these platforms in terms of digital advertising.
In addition, we will continue to explore expansion of the range offered on
these platforms, including exclusive formats, such as the RedLeg tasting gift
set - a 5cl bottle of each core product (4 miniatures) - which launched this
year, and merchandise. These additional formats allow consumers to trial
products at a lower cost and foster greater engagement with the brand through
merchandise. The channel offers higher gross margins, which will be
re-invested into brand activity.
The year saw significant progress made at the Blackwoods Brand Home at
Ardgowan Distillery, with structural and first-fit concluded. The final stages
of opening, including final fit (furniture, finishes), are underway, and we
hope to begin welcoming customers in Q3 2025 for tours and tastings, as well
as bar service and retail. We will also begin to develop a range of
distillery-exclusive bottlings and merchandise as part of this offering.
The new UK on-trade distribution partnership agreed with Global Brands in
February 2025, will see an increased ability to activate in the on-trade as
distribution grows, driving awareness and sales of our products in more
venues.
As consumer confidence begins to grow, we hope also to return to
consumer-facing events to drive brand awareness and foster demand in both the
on and off-trade channels.
As our focus is on building our core brands, we have taken the strategic
decision to pause larger scale new product development, such as new-to-world
brands, to focus budgets on maintaining and growing the existing portfolio.
Ardgowan
Works made good progress this year at the Ardgowan whisky distillery, with a grand opening event having taken place on 20 June 2025. The first whisky distillation marks a significant milestone in the journey, and the team is now working diligently to produce liquid that will be laid down in casks to be bottled under the Ardgowan brand once it comes of age.
The total investment into the site currently stands at over £28m.
As shareholders will be aware Distil invested £3m into the Ardgowan Distillery project in 2021 in the form of a convertible loan (convertible into Ardgowan equity at a fixed pre- conversion valuation of £30m representing 9.09% of Ardgowan's fully diluted share capital) to support the development of the new Malt Whisky distillery. The strategic investment provides the Company with a long-term interest in a growing premium category, ability to develop our own Malt Scotch, as well as providing a home for Blackwoods Gin with its own distillery, Gin school and visitors' centre.
Blackwoods production has already commenced on site and fit-out of the brand home experience is underway. Once open to the public, the Blackwoods brand home will provide an important new revenue stream for the business.
Cost Management and Operational Efficiency
Over the course of the year, we have taken proactive steps to mitigate the
pressures of increased cost of goods to ensure we're still offering value to
customers. We are closely monitoring market conditions to adjust pricing
strategies where needed and are exploring all aspects of cost management. This
approach allows us to address external inflationary pressures while carefully
managing discretionary spending, balancing the need for brand growth with
fiscal responsibility.
In addition, the partnership with Global Brands to manage full UK trade has
operational benefits, as we are able to better manage our haulage costs.
Equity Fundraise
In October 2024, we successfully raised £650,000 gross proceeds through a
placing and subscription of new ordinary shares at 0.12p per share. This
capital strengthened our balance sheet, providing the resources necessary to
service customers with stock at the busiest time for then business and support
key growth initiatives, including the expansion of our brand portfolio, and
development at the Ardgowan Distillery. I would like to thank our existing
shareholders for their continued support and welcome new investors to the
Company.
Strategic Review & Actions
It was announced in March 2025 that in order to address the challenging market
conditions and ensure long-term shareholder value, we were undertaking a
strategic review which includes but is not limited to the potential sale of
unused intellectual property, exit options for non-core brands, and seeking
near-term funding, as well as close review of business overheads and cost of
goods.
This review is ongoing to ensure that all options have been given due
attention to ensure the best outcome for the business.
Post balance sheet events
After the year end, on 15 June 2025 we announced a variation of the terms of
our loan investment in Ardgowan such that, effective from June 2025 the loan
earns Distil an annual coupon of 6.5% and, on conversion, would give Distil a
10.5% equity ownership of Ardgowan.
As part of our ongoing strategic review, we also, on 12 September 2025
announced a successful equity fundraise, raising gross proceeds of £755k
(£680k net of expenses) from existing and new investors. We have received
£378k (less expenses) of these proceeds with receipt of the balance subject
to approval by shareholders at the upcoming Annual General Meeting on 30
September. Proceeds will be used to strengthen our balance sheet and provide
general working capital for the business.
Outlook
Looking ahead to FY25/26, we see reason for cautious optimism. Despite the
challenges facing the industry, we believe that consumer confidence will start
to return, and our brands are well positioned to benefit when the market
returns.
Our expanded UK distribution network should begin to yield greater
opportunities to drive volume and brand awareness in the on-trade, and our
efforts to establish strong promotional plans in the off-trade will ensure we
are able to build the brands in this channel.
We will continue our proactive approach to cost management and regular review
of strategic options to ensure that the business is positioned for growth and
delivery of shareholder value.
Strategic report
Results for the year
The loss before tax attributable to shareholders for the year amounted to
£1,101k (2024: loss before tax £942k).
The market continues to face headwinds from duty hikes and rising living
costs, which have squeezed both consumer spending power and margins. A further
increase in alcohol duty took effect on 1 February 2025, with duty on
non-draught spirits rising by 3.65% in line with inflation. Despite these
challenges, while year-on-year sales revenues and volumes fell by 32% and 27%
respectively, performance improved in the final quarter, with revenues up 34%
and volumes up 21% compared to the prior quarter. Gross margins experienced a
decline to 38% (2024: 48%) primarily due to a write down of inventory which
accounted for an 8% reduction and the continued increase in the cost of raw
materials as our suppliers implemented price increases in response to
inflationary pressures. In the short term, we anticipate our gross margins to
remain subdued as we navigate through these cost increases. However, we are
optimistic that margins will gradually recover towards previous year levels
over the medium term. This is supported by the anticipated benefits from our
strategic partnerships, streamlined operations, and the enhancement of our
brand's premium status.
Advertising and promotional costs decreased in absolute terms by £71k from
£515k to £444k. As a percentage of sales, advertising and promotional spend
amounted to 42% (2024: 33%) during the year. This included the launch of two
further seasonal RedLeg Spiced Rum Limited Editions in Grocery and online, as
well as consumer-facing activity including a billboard advertising campaign in
Brighton, supported by consumer sampling. Further, promotion at point of sale
in grocery was increased, to increase rate of sale and recruit new consumers.
In addition, following a successful relaunch of direct-to-consumer brand
websites, support was put behind digital advertising to reach and recruit more
consumers, driving increased revenues in these channels.
Cash flow
The operating loss, combined with net movements in working capital, resulted
in a net cash outflow from operating activities of £1,017k during the year
(2024: £1,018k outflow). Net movements in working capital were affected by a
14% decrease in inventory, reflecting a deliberate optimization of working
capital and stronger operational discipline. In addition, the impairment of
certain stock has further strengthened the quality and accuracy of our
inventory position. Despite a temporary slowdown in sales, the company's
proactive inventory control has preserved cash, reduced holding costs, and
positioned the business to respond quickly to renewed market demand. These
actions highlight management's commitment to operational efficiency and
strategic readiness for future growth. Following gross proceeds of £650k
(£596k net of share issue costs) from the equity fundraise in October 2024,
convertible loan interest income of £150k (2024: £150k) from Ardgowan and
modest capex to support operational efficiency and future growth, the
Company's cash and cash equivalents decreased by £188k to £338k (2024:
£526k) at the financial year end.
Balance sheet
The Group had net assets of £5.68m at the financial year end (2024: £6.37m).
These included £3.0m of financial assets (2024: £3.0m), in the form of our
investment in Ardgowan, further details of which are set out below, cash
reserves of £0.34m (2024: £0.53m) and intangible assets of £1.43m (2024:
£1.45m) including expenditure on trademarks related to our brands.
Inventories decreased to £1.04m (2024: £1.21m) primarily due the
optimisation of purchasing and production planning reducing excess and
slow-moving stock.
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,
Blackwood's Vintage Gin, Blackwood's Vodka, Blavod Original Black Vodka,
TRØVE Botanical Spirit and Diva Vodka.
During the 2025 financial year we encountered challenges in the form of a
softer-than-expected UK spirit market, impacted by inflationary pressures
across our supply chain and ongoing economic difficulties. Across the total
spirits trade, volumes declined as consumers, facing continued spending
pressures, cut back on consumption, or turned to categories perceived as less
expensive, such as beer and cider. Although the headline rate of inflation
fell, prices within the UK continued to rise, particularly within the spirit's
sector. These pressures were exacerbated by the August 2023 duty increase, the
largest tax hike in almost 50 years, and further impacted by the February 2025
duty increase, which raised excise rates on spirits in line with RPI
inflation. Together, these duty increases have added to cost pressures and
contributed to margin compression.
Our focus for the upcoming year is on driving revenue growth both domestically
and internationally. In the UK, the establishment of our new partnership with
Global Brands provides access to their extensive sales network, logistics, and
warehousing capabilities, enhancing our service to grocery, off-trade, cash
& carry, and convenience customers. This partnership represents a
significant opportunity to collaborate with a long-standing industry partner,
supporting accelerated brand growth and strengthening our market presence
going forward.
We further plan to achieve growth through strategic marketing efforts,
expanding our sales channels, opening new export markets, and introducing new
products to the market. Concurrently, we are committed to ensuring that our
overhead costs remain appropriate for the size and scale of our operations.
Key performance indicators
The Group monitors progress with reference to the following key performance
indicators:
· Sales turnover versus previous year
Total sales decreased £480k year-on-year to £1.04m (2024: £1.52m). Sales of
RedLeg Spiced Rum which accounts for most of the sales revenue decreased 31%
whilst Blackwood's gin posted a 50% decrease in revenue during the period.
Blackwood's Vodka experienced a decrease in sales of 58%.
· Contribution - defined as gross margin less advertising and
promotional costs.
Contribution for the year decreased £271k to a loss of £50k (2024: £221k),
a decrease of 123%. This decrease was primarily due to a 32% decrease in
overall sales revenues whilst advertising and marketing costs fell 14%
compared to prior year.
· Gross margin versus previous year
Gross margin experienced a reduction to 38% (2024: 48%) mainly due to a write
down of inventory which accounted for an 8% reduction and continued increases
in the cost of raw materials. We expect our adjusted distribution strategies
to alleviate these cost escalations in the short to medium term. By capturing
additional margin from the supply chain and focusing on the premiumisation of
our brands, we aim to counteract the impact on gross margin.
We also closely monitor both the level of, and value derived from our
advertising and promotional costs and other administrative costs. Advertising
and promotional expenses accounted for 43% of revenue (2024: 34%) during the
year, reflecting our continued commitment to investing in existing and new
brand development.
Other administrative costs remained flat at £1.09m (2024: £1.09m).
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.
The Directors are of the opinion that a thorough risk management process has
been adopted by the Board, which involves a formal review at Board level of
the principal risks identified below. Where possible, structured 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
monthly 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 preferences
The Group's products are subject to shifts in consumer trends and the Group is
therefore exposed to the risk that it will be unable to evolve its brands to
meet such market changes. The Group carries out regular consumer research on
an ongoing basis 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.
· Limited Edition products.
Route to consumer:
· Build long term relationships with capable local distributors in
each key market.
· Increase direct to consumer sales through website
· Open new territories for each key brand, targeting premium growth
markets.
· Develop new trade channels through format and product.
· Leverage Blackwoods brand home experience which will feature
tours, a cocktail bar, and retail space.
Access to new production and design:
· Across all aspects of distilling, bottling, and packaging.
Consolidated statement of comprehensive income
For the year ended 31 March 2025
2025 2024
£'000 £'000
Revenue 1,043 1,523
Cost of sales (649) (787)
Gross profit 394 736
Administrative expenses:
Advertising and promotional costs (444) (515)
Other administrative expenses (1,093) (1,094)
Impairment of inventory (65) -
Impairment losses on intangible assets (24) (202)
Share based payment expense - (17)
Total administrative expenses (1,626) (1,828)
Loss from operations (1,232) (1,092)
Finance income 152 150
Finance expense (21) -
Loss before tax (1,101) (942)
Taxation (163) (225)
Loss for the year and total comprehensive expense (1,264) (1,167)
Loss per share
Basic and diluted (pence per share) (0.10) (0.16)
Consolidated statement of financial position
As at 31 March 2025
2025 2024
£'000 £'000
Assets
Non-current assets
Property, plant and equipment 205 142
Right-of-use assets 299 -
Intangible assets 1,432 1,453
Financial assets at amortised cost 3,000 3,000
Deferred tax asset - 126
Total non-current assets 4,936 4,721
Current assets
Inventories 1,039 1,205
Trade and other receivables 412 580
Cash and cash equivalents 338 526
Total current assets 1,789 2,311
Total assets 6,725 7,032
Liabilities
Current liabilities
Trade and other payables 546 516
Financial liabilities at amortised cost 150 150
Lease liabilities 7 -
Deferred tax liability 38 -
Total current liabilities 741 666
Non-current liabilities
Lease liabilities 305 -
Total liabilities 1,046 666
Net assets 5,679 6,366
Equity
Share capital 2,237 1,695
Share premium 6,739 6,704
Share-based payment reserve 218 218
Accumulated losses (3,515) (2,251)
Total equity 5,679 6,366
Company statement of financial position
As at 31 March 2025
2025 2024
£'000 £'000
Assets
Non-current assets
Intangible assets 1,432 1,453
Right-of-use assets 299 -
Financial assets at amortised cost 3,000 3,000
Total non-current assets 4,731 4,453
Current assets
Trade and other receivables 1,660 1,279
Total current assets 1,660 1,279
Total assets 6,391 5,732
Liabilities
Current liabilities
Trade and other payables 613 568
Lease liabilities 7 -
Financial liabilities at amortised cost 150 150
Total current liabilities 770 718
Non-current liabilities
Lease liabilities 305 -
Total liabilities 1,075 718
Net assets 5,316 5,014
Equity
Share capital 2,237 1,695
Share premium 6,739 6,704
Share-based payment reserve 218 218
Accumulated losses (3,878) (3,603)
Total equity 5,316 5,014
Consolidated statement of changes in equity
For the year ended 31 March 2025
Share capital Share premium Share-based payment reserve Accumulated losses Total equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 April 2023 1,474 6,211 201 (1,084) 6,802
Loss for the year and total comprehensive expense - - - (1,167) (1,167)
Shares issued 221 552 - - 773
Share issue costs - (59) - - (59)
Share based payment expense - - 17 - 17
Balance at 31 March 2024 and 1,695 6,704 218 (2,251) 6,366
1 April 2024
Loss for the year and total comprehensive expense - - - (1,264) (1,264)
Shares issued 542 108 - - 650
Share issue costs - (73) - - (73)
Balance at 31 March 2025 2,237 6,739 218 (3,515) 5,679
Company statement of changes in equity
For the year ended 31 March 2025
Share capital Share premium Share-based payment reserve Accumulated losses Total equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 April 2023 1,474 6,211 201 (3,375) 4,511
Loss for the year and total comprehensive expense - - - (228) (228)
Shares issued 221 552 - - 773
Share issue costs - (59) - - (59)
Share based payment expense - - 17 - 17
Balance at 31 March 2024 and 1,695 6,704 218 (3,603) 5,014
1 April 2024
Loss for the year and total comprehensive expense - - - (275) (275)
Shares issued 542 108 - - 650
Share issue costs - (73) - - (73)
Balance at 31 March 2025 2,237 6,739 218 (3,878) 5,316
Consolidated statement of cash flows
For the year ended 31 March 2025
2025 2024
£'000 £'000
Cash flows from operating activities
Loss before taxation (1,101) (942)
Adjustments for non-cash/non-operating items:
Finance income (152) (150)
Finance expense 21 -
Depreciation 13 18
Amortisation 12 -
Expenses settled by shares - 7
Loss on disposal of property, plant and equipment - 1
Share-based payment expense - 17
Impairment of inventory 65 -
Impairment of intangible assets 24 202
(1,118) (847)
Movements in working capital
Decrease/(increase) in inventories 102 (136)
Decrease in trade and other receivables 167 303
Decrease in trade and other payables (168) (338)
Net cash used in operating activities (1,017) (1,018)
Cash flows from investing activities
Purchase of property, plant and equipment (76) (8)
Expenditure relating to licences and trademarks (2) (22)
Other interest received 2 -
Net cash used in investing activities (76) (30)
Cash flows from financing activities
Proceeds from issue of shares, net of issue costs 577 707
Principal paid on lease liability 1 -
Interest paid on lease liability (18) -
Interest received on convertible loans 150 150
Proceeds from invoice financing 198 -
Interest paid on invoice financing (3) -
Net cash generated from financing activities 905 857
Net decrease in cash and cash equivalents (188) (191)
Cash and cash equivalents at beginning of year 526 717
Cash and cash equivalents at end of year 338 526
1. Basis of preparation and summary of material accounting policies
The consolidated and company financial statements for Distil Plc (the
"Company") and its subsidiaries (together the "Group") are for the year ended
31 March 2025. 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 2025 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 2025 statutory consolidated financial statements
upon which the auditor's opinion is unqualified. The statutory consolidated
financial statements for the year ended 31 March 2025 were approved by the
Board on 29 September 2025 and will be delivered to the Registrar of Companies
in due course.
The financial information for the year ended 31 March 2024 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 per share
The calculation of the basic loss 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 Company was loss making in both years therefore no separate disclosure for
diluted loss per share is included as the effect of including the share
options and warrants in the calculation would be anti-dilutive.
The earnings and weighted average number of shares used in the calculations
are set out below.
2025 2024
Loss attributable to ordinary shareholders (£'000) (1,264) (1,167)
Weighted average of number of shares 1,250,359,207 750,131,429
Basic and diluted per share (pence) (0.10) (0.16)
3. Segment reporting
2025 2024
£'000 £'000
Revenue
UK 940 1,366
Export 103 157
1,043 1,523
Gross profit
UK 335 649
Export 59 87
394 736
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 1 (2024: 2) customers making up more than 10%
each during the year:
2025 2024
£'000 £'000
Revenue by Type
Customer 1 - 859
Customer 2 - 246
Customer 3 869 107
All other customers 174 311
1,043 1,523
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