REG - East Imperial PLC - Audited Full-Year Results
02/05/2023 07:00
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RNS Number : 9890X East Imperial PLC 02 May 2023
2 May 2023
East Imperial PLC
("East Imperial" or the "Company" or the "Group")
EAST IMPERIAL AUDITED FULL-YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022
East Imperial, the global purveyor of ultra-premium beverages, today announces
audited full-year results for the year ended 2022 with pleasing top-line
growth and a strong start to 2023 in line with the Company's expansion plans.
Summary
● Sales were up 14% over the year to £3.2 million (230,973
cases), driven by growth in key established markets, off-trade, and
direct-to-consumer channels.
● In the US, case sales were up 68% over the year, with very
strong sales (+71%) in California as the Company continues to build out in the
luxury on-trade channel in line with its sales strategy.
● As in previous years, the Company's final two quarters saw the
strongest revenue performance, with H2 2022 1.4 times larger in sales revenue
than H1 of 2022.
● Good Q4 2022 momentum has continued into a strong start to 2023,
with revenue for Q1 up 41% year on year and overall case sales of 58,246, up
35% year-on-year, driven by the continued demand for ultra-premium products in
key regions.
● At the point of approval of the 2022 financial statements, East
Imperial is in advanced discussions with potential debt funders to provide
additional working capital to support ongoing expansion; an announcement is
expected imminently.
Strategic Highlights
● Implemented new distribution partnerships in the US and key
Asian markets. In particular, the appointment of RNDC in the US and Wen Hua
Hang Wine Spirits Company in China will form a cornerstone of growth through
2023 and 2024.
● Appointed Lion Breweries in Pennsylvania as our US-based
bottling partner.
● Gained recognition for our products' world-class quality,
winning eight medals in the international Global Spirits Tonic & Mixers
Masters Competition, one of the World's most highly regarded series of
blind-tasting competitions. The awards include a Masters Medal, the highest
accolade of excellence in the industry, for East Imperial's Grapefruit Tonic
and Grapefruit Soda.
● Launched our award-winning Light Tonic, the lowest calories of
any premium tonic on the planet.
£m 2022 2021 Change
Revenue 3.2 2.8 14%
Gross Profit 0.5 0.5 0%
Operating Profit/(loss) (3.7) (5.2) 28%
Net Cash (0.15) 0.12
Tony Burt, Founder and CEO, said:
"I'm delighted with our progress last year and, in particular, the popularity
of our premium product range among existing and new customers, which has
helped drive a double-digit rise in revenues. I am also very pleased by our
progress over the year and into Q1 2023 of winning the right kind of business
and continuing to develop long-term relationships with key strategic partners
in all regions.
The pandemic created some exceptional challenges, with much of the on-trade
market still shut for large parts of last year. However, we experienced strong
growth in the off-trade in New Zealand, benefitting from new supply agreements
with major retailers. As the on-trade market began to emerge and open up in
Asia in the second half, we've been very encouraged by the return of demand,
particularly luxury on-trade.
We have continued to invest in growth in 2022 and further strengthen the
business's fundamentals to position us for further expansion. Like every
company in our sector, we have had to manage extraordinary supply chain
headwinds and inflationary pressures impacting our costs. However, we plan to
mitigate this impact through greater operational efficiency this year. The
loss also reflects several one-off administrative costs due to the LSE listing
process, but we are now in a strong position for profitability and growth. We
have been very encouraged by trading so far this year, up 40% YoY, a record Q1
for the company and over 300 new on-trade accounts added in California during
the period.
Consumers' demand for 'premiumisation' continues unabated, underpinning our
strategy and the long-term opportunity for East Imperial. I am confident we
have the platform, the team and the resources to become the most admired
premium brand of mixers and create a highly valued company for our
shareholders."
For more information on East Imperial, please visit
https://investors.eastimperial.com/
Media Enquiries
Brunswick Group
Helen Smith: +4420 7404 5959
Wilfred Aylett
Eastimperial@brunswickgroup.com (mailto:Eastimperial@brunswickgroup.com)
Chairman's Statement
I am pleased to present the audited financial statements to the shareholders
of East Imperial PLC ("the Company") for the year ended 31 December 2022.
The Company's performance in 2022 was pleasing as we saw continued growth in a
challenging year, reporting revenues of £3.2m, up by 14%. Revenue improvement
has come despite the first half of 2022 still being Covid impacted in our key
Asia Pacific region.
2022 saw us on-board a national distribution partnership with RNDC in the USA.
This process has been challenging, but we have worked through it and now feel
we have a strong operating partnership that will grow through 2023. We are
optimistic about what 2023 will see for this market and have a number of brand
partnerships that will assist with growth.
We are delighted in 2022 to have begun a distribution partnership in China
with Wen Hua Hang Wine Spirits Company (WHI). WHI has a strong presence in the
local luxury beverage market. This, combined with the relaxing of the Covid
restrictions in this market, makes us optimistic for a larger-than-anticipated
contribution to the company's growth this year.
For the Company, 2022 was a year when the business's resilience was tested
again, but it has come through with strong prospects for the year ahead. The
management team continues working closely with the Board to ensure we adapt to
the challenges and build a strong business to execute the growth opportunities
identified.
The Board is encouraged by what it sees in the first quarter of 2023 and
expects a strong year. The growth drivers and, in particular, the
premiumisation of the drinking experience globally remain strong. This sits
positively with our vision of providing our end customers with exceptional
drinking experiences.
There remains some uncertainty in the trading environment as the world adapts
to a post-Covid environment and deals with the impacts of the Ukraine
conflict, including inflationary pressures. The Board continues to monitor
these impacts but does not believe they will hinder the Company's ability to
execute its growth strategies.
Alistair McGeorge
Non-Executive Chairman
CEO Review
2022 was a year of consolidation for East Imperial as many of our markets
finally turned the corner leaving behind the impacts of the global pandemic
and the industry restrictions we were all forced to endure.
During 2022 we implemented new distribution partnerships in the US and key
Asian markets. 2022 continued to be challenging with the backdrop of global
supply chain challenges that all importers and exporters experienced, leading
to delays and inflationary cost pressures. These challenges were
unprecedented, and their effects on the Company's business should not be
underestimated. We have seen a significant easing of these pressures as we
move into 2023 and are optimistic that we will see this flow through margin
improvements and our ability to move quickly in reaction to growing demand.
Our approach through the disruption has been to adapt quickly and ensure our
focus and resources were utilised in the best possible areas.
I was pleased to see sales were up 14% year on year in 2022, highlighting, I
believe, the business's resilience and ability to continually navigate the
challenges presented.
Strategic Highlights
● The Asia Pacific region remains the cornerstone of the East
Imperial brand story. We are a fiercely proud Asian Pacific brand, and it
remains a tremendous global asset; one our competitors cannot lay claim to and
will continue to leverage as we grow throughout the region. As was the case in
2021, China, Singapore, and Hong Kong sales continued to be affected due to
the pandemic. Although we saw Singapore reopen its borders and the first
orders flowing through to our new distribution partner, SUTL Group. This was
also the case for Hong Kong in 2022, with Leung Yick, our new distribution
partner, also receiving their first orders.
● In 2022, East Imperial remains the number one selling premium
mixer in on-trade in New Zealand. The support afforded to us by the trade is
overwhelming and not taken for granted. We have continued where we left off in
2021 and accelerated our retail offering across New Zealand, a core element of
our growth strategy. Foodstuffs, New Zealand's largest food retailer, extended
our placement across 102 North Island stores. With this, we are now found in
all New Worlds and their competitors, Countdown (110 stores), across the
country. Retail continues to make a significant portion of New Zealand sales
revenue, allowing us to lure New Zealanders from foreign competition brands to
East Imperial. This will continue to be a core focus in the region for 2023.
● In the US, 2022 saw us being onboarded by the US's
second-largest spirits and wine distributor, Republic National Distribution
Company (RNDC). Key states being California, Arizona, Washington, Florida,
Illinois, DC, Maryland and Colorado. Working alongside each state office took
a little longer than we had hoped, but I was pleased to see this completed to
the point that allowed us to start selling our core range in April 2022. We
also added Tennessee later in the year. California has been a stand-out
success to date. We continue to grow our enviable list of luxury on-trade
locations in the region overseen by our newly appointed Regional Sales
Director, who is working closely with the RNDC team while introducing several
new initiatives, including the Premium Paloma to over 100 locations in
Southern California. This momentum has seen us add two further brand
ambassadors in San Diego and Los Angeles to support the momentum. Phoenix and
the surrounding region are the US's fastest-growing region. There is also a
thriving cocktail scene and an abundance of luxury resorts. This has become a
particular focus for the business to emulate the successful approach of
Southern California.
Operationally, 2022 was challenging on many fronts for the aforementioned
reasons, although key strategic projects were announced and delivered. After
a thorough due diligence process, including meeting over a dozen potential
partners, we were pleased to be able to appoint Lion Brewery in Pennsylvania
as our US-based bottling partner. This is an important milestone for the
company and our first step in bottling away from New Zealand. Manufacturing of
core flavours will commence in 2023 once we deplete our current inventory
holding in the US.
Several operational projects were successfully delivered in 2022, including
consolidated flavour packs for our five key tonics to address potential errors
in blending and improve product consistency. We also updated inner wraps,
labels & cartons using different materials/artwork to reduce complexity,
introduce more recyclable materials and reduce cost. We also successfully
launched our Light Tonic, the lowest calories of any premium tonic on the
planet, and a special edition Christmas Tonic. The reception for both has been
very encouraging and goes someway to reaffirming the company's ability to
develop and deliver world-leading innovation and flavours.
The team have done an incredible job operating in another year that presented
a challenging environment. We're resilient as a result but optimistic that
after three years, we'll see an easing in certain areas.
Sustainability
Ingredient sourcing, manufacturing, packaging and distribution affect people,
communities and environments. We aim to build a sustainable global beverage
business, delivering ethically manufactured products with minimal negative
environmental impact.
We are committed to creating products that are as sustainable as possible
without compromise. We remain committed to continuing to reduce our greenhouse
gas emissions and operational waste by:
● Evaluating all operational decisions against the carbon
footprint they create.
● Commitment to produce our products closer to our key markets.
● Optimise distribution networks and utilisation across our
operations.
We have not arrived at our final destination, but we've already taken several
positive decisions and steps to protect the environments we operate within.
These include:
● We never plan to use PET bottles.
● We only use 100% recyclable cans and bottles.
● Our glass is made from at least 35% recycled product (virgin
glass is needed for product stability).
● Reduction in packaging requirements for our direct-to-consumer
orders and deliveries.
● We use no plastic in any of our primary packaging. Our cardboard
packaging is 100% recyclable, and we will continue to increase the proportion
of recycled material across all our packaging solutions.
● We offer kegged options to select key accounts, eliminating
glass bottle use.
● Water conservation and quality are pivotal to the East Imperial
brand story, and as such, we only source our water from sustainably managed
springs.
People
Our people and our team are our most important assets. We remain committed to
attracting and retaining the best people while ensuring a diverse,
sustainable, high-performing workforce.
We are committed to creating the next generation of industry leaders who will,
in turn, support their communities and help them thrive. As we grow our team,
we will continue providing them with the following;
● Opportunities for training and career progression.
● Personal development and continuous improvement.
● Financial reward is based upon personal and company performance.
● Help in achieving the ideal work/life balance.
● Always provide them with a safe workplace where everyone is
treated with respect.
We actively promote diversity within our team and wholly support equal
opportunities in employment. We know that diversity can only be achieved
through a team of differing backgrounds and perspectives, which is the
prerequisite to creating a more dynamic and inclusive environment.
We're already an incredibly diverse bunch, from our executive and operational
teams to our board of directors. We walk the walk and are staunch advocates of
diversity that reflect the communities in which we operate.
Strategy and Outlook
Sharing Our Brand With More of the World
In 2022, our plans were challenged by the ongoing supply chain disruptions due
to the emergence of COVID, the knock-on effects of the Ukrainian conflict, the
energy and the cost-of-living crisis. It's been an extraordinary environment,
but the team remained agile in adapting to these global headwinds and sought
new growth opportunities. It meant we re-prioritised some of our key projects
to adapt to new consumer behaviour and opportunities.
The notable shift in consumer consumption and behaviour is largely due to the
current global economic environment. This shift has made us more resolute in
who we are and who our customers are. As the global premium mixer category
grows, so does our competitor's product placement in channels traditionally
reserved for budget brands. It is this continued shift we see in the market,
we believe, that is allowing East Imperial to 'middle' our competitors and to
fill the demand for a more discerning consumer at the upper end of the market.
In the US, our strategy is different from our competitors. East Imperial is
not as exposed to the US shopper 'trading down' in the retail channel. This
represents over 70% of a competitor's brand sales in the US. It represents
less than 1% of East Imperial's.
In that, the Directors believe that it is now more important than ever we
remain focused on positioning ourselves as the only true ultra-premium choice
for the more discerning customers in key strategic regions. This means we will
continue to focus on securing traditional luxury and high-end on-premise
accounts while delivering on our plans for a multi-channel approach,
off-premise and direct-to-consumer in select regions.
We will continue to serve our traditional luxury and high-end on-premise
accounts as they return online. We will continue developing our multi-channel
approach, including off-premise (speciality food and liquor stores) and
direct-to-consumer, with a deep digital customer acquisition focus.
Through investing in marketing, strategic partnerships, collaborations, new
products, technology and people, we intend to continue to focus on growing our
leadership position in the Asia Pacific while pursuing strong multi-channel
growth in the US.
Financial Review
The Group's performance in 2022 was pleasing as we saw solid growth in the
second half of the year, reporting revenues of £3.2m, up by 14%. The year's
first half remained challenging, with key Asia Pacific markets operating under
covid restrictions.
The revenue improvement seen in the year's second half resulted from new
distribution partnerships in key regions of Singapore and China and the
continued growth of a very strong base in New Zealand. The New Zealand growth
continues to come from widening our retail presence. In the USA, we
established a year of relationship with our national distribution partner
RNDC. We expect to see the results of this work show positive results in 2023.
The 2022 gross margin of 15.1% reflects a drop compared to 19.2% in 2021.
Normalising margins to account for the unusual level of write-offs seen in
2022 does see our margins at 20%, which is close to 2021. Both years reflect
the industry-wide challenges of the supply chain through this period.
Continued issues with shipping availability and escalating costs meant we had
to move and hold additional inventory in the US market to ensure supply
continuity. This added additional costs due to the elevated warehousing
capacity required. The supply chain shock continued for the business this year
following the outbreak of the Ukraine conflict and then the associated
inflationary pressures.
The pressure on margins is now easing as ocean freight and local freight costs
begin returning to pre covid levels in many of our markets. The business has
also moved to minimise our exposure to freight pricing by implementing FOB NZ
pricing for many of our markets. We continue to see cost pressures on input
costs but have a program of margin improvement initiatives underway to enable
us to recover margin while also focusing on driving significant top-line
growth. In line with our long-term strategy of bottling products closer to key
markets, we have announced an agreement to bottle US products in the US in
2023. This will allow us to control costs more effectively and become more
proactive to the demands of this market.
Through an extraordinary period over the last three years, we have focused on
the significant opportunity ahead and built adaptability and resilience into
the business. We have continued to invest in the brand, our people and our
ability to execute on growth. Underlying operating expenses were £4.0m (2021
£2.45m), representing 125% of revenue (2021: 88%). People costs increased by
77%, reflecting the investment in sales personnel in the US and a full year of
board personnel compared to five months of 2021. Administrative costs were up
105% compared to 2021, partly due to 2022 representing a complete twelve
months in addition to one-off spending on advisors. In 2023 there will be a
continued focus on controlling costs and ensuring we operate as a lean
sales-led organisation.
The Group generated an operating loss before exceptional costs of £3.7m
(2021: £1.9m), mostly in line with expectations reflecting the ongoing
investment in growth.
The Group generated an NPAT loss of £3.6m (2021: £5.37m).
Tax
On 31 December 2022, the company had unutilised tax losses of £10,340,000 (31
December 2021: £6,766,000). A deferred tax asset of £2,138,000 (31 December
2021: £1,345,000) has not been recognised due to the uncertainty around the
timing of the availability of taxable income to utilise the losses.
Cash Position
At the year-end, the Group had cash balances of -£145,000 (2021: £129,000)
and net current assets of £842,000 (2021: net current assets £1,109,000).
Going Concern
The financial results have been prepared on the going concern basis that
contemplates the continuity of normal business activities, the realisation of
assets and the settlement of liabilities in the normal course of business. In
performing the going concern assessment, the Board considered various factors,
including the availability of cash and cash equivalents, data relating to
working capital requirements for the foreseeable future, forecast cashflows
from revenue generation, available information about the future, the possible
outcomes of planned events, changes in future conditions, the Ukraine
conflict, and the responses to such events and conditions that would be
available to the Board.
The Board has, inter alia, considered the following specific factors in
determining whether the Group is a going concern:
● The total comprehensive loss for the year of £3,610,000
compared to £5,370,000 for the preceding financial period;
● Cash and cash equivalents readily available to the Group in the
amount of £129,000 to pay its creditors and maturing liabilities in the
amount of £1,379,000 as and when they fall due and meet its operating costs
for the ensuing twelve months; and
● Whether the Group has available cash resources, or equivalent
short term funding opportunities in the foreseeable future, to continue
manufacturing and distributing its products
● Ongoing discussions with potential debt funders that are in an
advanced stage at the point of approval of the 2022 financial statements.
The cash flow forecasts prepared rely on successful funding in the form of a
debt raise in Q2 2023 to continue expansion and settle current liabilities as
they fall due. Having assessed the principal risks and the status of ongoing
discussions with potential funders, the directors are confident that the
necessary funding will be forthcoming. However, the necessary funding is not
committed at the date of approval of these financial statements. These
conditions, together with those mentioned above, are considered to indicate
that a material uncertainty exists that may cast significant doubt on the
Group's and Company's ability to continue as a going concern. This is largely
attributable to the short-term liquidity position the Group finds itself in
due to the ongoing expansion across the globe and the progression towards
being cash generative.
Notwithstanding the material uncertainty identified, the directors have
concluded that the Group will have sufficient resources to continue as a going
concern for a period of not less than 12 months from the date of approval of
the financial statements. Accordingly, the consolidated financial statements
have been prepared on a going concern basis and do not reflect any adjustments
that would be necessary if this basis were inappropriate.
Principal risks
The Group maintains a risk register and monitors risks associated with the
business, including finance, legal, personnel, and macro and micro
environmental factors. Risks are assessed and discussed at the management and
Board level on a regular basis, assessing the impact, likelihood and
mitigation strategies are carefully considered. East Imperial's principal
risks and uncertainties can be found in the annual report.
Consolidated Statement of Comprehensive Income for the year ended 31 December
2022
2022 2021
£000 £000
Continuing operations
Revenue 3,168 2,779
Cost of sales (2,689) (2,243)
Gross Profit 479 536
Administrative expenses (3,965) (2,449)
Exceptional costs - (3,056)
Share based payments (42) (248)
Operating Loss (3,528) (5,217)
Finance expense (125) (153)
Loss before tax (3,653) (5,370)
Income tax - -
Loss for the year (3,653) (5,370)
Other Comprehensive Income
Items that may be subsequently reclassified to profit or loss:
Foreign exchange differences on consolidation (115) 139
Total Comprehensive Loss for the Year (3,768) (5,231)
Loss attributable to :
Owners of the company (3,768) (5,231)
Loss per share (EPS) Pence Pence
Basic EPS (1.08) (1.99)
Diluted EPS (1.08) (1.99)
Consolidated Statement of Financial Position as at 31 December 2022
2022 2021
Assets £000 £000
Non - Current Assets
Intangible assets 2,219 2,228
Property, plant and equipment 86 45
Right of use assets 589 62
Total Non-Current Assets 2,894 2,335
Current Assets
Cash and cash equivalents 129 266
Trade and other receivables 474 566
Inventories 1,697 1,849
Total Current Assets 2,300 2,681
Total Assets 5,194 5,016
Current Liabilities
Trade and other payables 1,379 1,535
Lease liability 79 37
Total Current Liabilities 1,458 1,572
Net Current Assets/(Liabilities) 842 1,109
Non-Current Liabilities
Provisions 38 -
Lease liability 509 24
Total Non-Current Liabilities 546 24
Net Assets 3,190 3,420
Equity attributable to owners of the parent
Share capital 3,381 3,057
Share premium 6,974 4,033
Share option reserve 290 248
Reverse acquisition reserve 5,040 5,040
Foreign exchange reserve 163 48
Accumulated losses (12,659) (9,006)
Total Equity 3,190 3,420
Consolidated Statement of Cash Flows for the year ended 31 December 2022
2022 2021
£000 £000
Cashflows from operating activities
Loss for the year (3,653) (5,370)
Adjusted for:
Depreciation, amortisation and impairments 94 55
Deemed cost of listing in reverse acquisition - 2,536
Share based payments 42 248
Allocated to provisions 38 -
(3,479) (2,531)
Decrease in trade and other receivables 92 154
(Decrease)/increase in trade and other payables (292) 491
Decrease/(increase) in inventories 152 (1,253)
Cashflows from operations (3,527) (3,139)
Cashflows from investing activities
Acquisition of property, plant and equipment (61) (19)
Net cash flows from investing activities (61) (19)
Cashflows from financing activities
Lease payments (63) (38)
Proceeds from issue of ordinary shares 3,248 3,082
Net cashflows from financing activities 3,185 3,044
Net decrease in cash and cash equivalents (403) (114)
Foreign exchange differences to cash and cash equivalents
on consolidation (8) (2)
Cash and cash equivalents at 1 January 266 245
(145) 129
Cash and cash equivalents 129 266
Overdraft (274) (137)
Cash and cash equivalents at 31 December (145) 129
Consolidated Statement of Changes in Equity for the year ended 31 December
2022
Reverse
Share Share Share Option Forex Acquisition Accumulated Total
Capital Premium Reserve Reserve Reserve Losses Equity
£000 £000 £000 £000 £000 £000 £000
At 1 January 2022 3,057 4,033 248 48 5,040 (9,006) 3,420
Loss for the year - - - - - (3,653) (3,653)
Forex retranslation difference - - - 115 - - 115
Total comprehensive loss - - - 115 - (3,653) (3,538)
Issue of shares 324 3,091 - - - - 3,415
Share issue costs - (149) - - - - (149)
Share based payments - - 42 - - - 42
At 31 December 2022 3,381 6,974 290 163 5,040 (12,659) 3,190
16 17
At 1 January 2021 222 1,098 - (91) 3,837 (3,637) 1,430
Loss for the year - - - - - (5,370) (5,370)
Forex retranslation difference - - - 139 139
Total comprehensive loss - - - 139 - (5,370) (5,231)
Reverse acquisition 2,467 415 - - 1,203 - 4,085
Issue of shares 300 2,700 - - - - 3,000
Share issue costs - (180) - - - - (180)
Exercise of options 68 - - - - - 68
Share based payments - - 248 - - - 248
At 31 December 2021 3,057 4,033 248 48 5,040 (9,006) 3,420
1. General Information and Basis of Preparation
East Imperial plc is a public company limited by shares and registered in
England and Wales with company number 10973102. The company is domiciled in
the United Kingdom and the registered office is 6thfloor, 60 Gracechurch
Street, London, EC3V OHR. The consolidated financial statements comprise the
Company and its subsidiaries (together referred to as the "Group").
The principal activity of the Group is the sale and distribution of beverages
in Australasia, United States, United Kingdom, Singapore and Europe.
The annual financial information presented in this preliminary announcement is
based on, and is consistent with, that in the Group's audited financial
statements for the year ended 31 December 2022 which have been prepared in
accordance with UK adopted International Accounting Standards in conformity
with the Companies Act 2006. The Group's audited financial statements will
be delivered to the Registrar of Companies following the Company's Annual
General Meeting. The independent auditors' report on those financial
statements is unqualified and does not contain any statement under section 498
(2) or 498 (3) of the Companies Act 2006. The Independent auditors have drawn
attention to a material uncertainty in relation to going concern arising from
the requirement for additional funds in Q2 of 2023.
Information in this preliminary announcement does not constitute statutory
accounts of the Group within the meaning of section 434 of the Companies Act
2006.
The financial statements of the Group are presented in Pounds Sterling and all
values are rounded to the nearest thousand pounds (£'000) except when
otherwise stated.
The Group financial statements consolidate those of the Company and its
subsidiaries' undertakings drawn up to 31 December 2022. Subsidiaries are
entities over which the Group has control. Control comprises an investor
having power over the investee and is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect
those returns through its power. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They are de-consolidated
from the date that control ceases.
Intra-group balances and transactions, and any unrealised income and expenses
arising from intra- group transactions, are eliminated. Unrealised losses are
eliminated in the same way as unrealised gains, but only to the extent that
there is no evidence of impairment.
2. Segmental Reporting
The Group derives revenue from the sale of beverages. All entities in the
group derive income from these products which, in all aspects except details
of revenue, are reviewed and managed together within the Group and as such are
considered to be the only segment.
The following information is given about the Group's reportable segments:
Type % Revenue by Country of destination %
Beverage distribution 100 New Zealand/Australia 58%
United States 20%
China 2%
Singapore 6%
European Union 10%
Rest of the world 4%
100%
3. Loss Per Share
2022 2021
£000 £000
Net loss from continuing operations (3,653) (5,370)
Weighted average number of shares (000) 336,821,108 270,295,861
Loss per share (pence) (1.08) (1.99)
As at 31 December 2022 there are 9,276,832 options that are exercisable at
dates after 31 December 2022. These options are anti-dilutive. Diluted
earnings per share is therefore equal to earning per share.
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