TIDMDIS
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 GBP2.94 million (2021: GBP3.62
million) (increased 20% vs 2020: GBP2.44 million)
-- Gross profit decreased 19% to GBP1.63 million (2021: GBP2.01
million) (increased 13% vs 2020: GBP1.45 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 GBP890k
(2021: GBP1.07 million) (2020: GBP665k)
-- Adjusted** administrative expenses increased 15% to GBP746k (2021: GBP651k) (2020: GBP597k)
-- Adjusted*** EBITDA of GBP9k (2021: GBP303k) (2020: GBP195k)
-- Operating loss of GBP132k (2021: GBP254k profit) (2020: GBP184k profit)
-- Net cash inflow of GBP500k (2020: GBP204k) resulting in
year-end cash reserves of GBP1.56 million (2021: GBP1.06
million)
-- Net assets of GBP7.34 million (2021: GBP3.81 million) at 31 March 2022
-- Successful equity fund raise of GBP3.2 million (before
expenses) to invest in Ardgowan Distillery Company Limited; Initial
advance of GBP2.85 million (GBP3 million less GBP150k 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 GBP95k over the past 12 months are mainly
attributed to the Ardgowan investment and financing costs totalling
GBP66k and prepaid marketing costs of GBP34k.
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 GBP3 million strategic investment in
the form of a convertible loan and with an option to increase to
GBP5 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 GBP95k which includes transaction costs relating to the
investment in the Ardgowan convertible loan in August 2021 (2021:
profit before tax GBP243k). Adjusted EBITDA* was GBP9k (2021:
GBP303k)
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
GBP150k during the year (2021: GBP254k 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 GBP500k to GBP1.56 million at
the financial year end.
Balance sheet
The Group had net assets of GBP7.55m at the financial year end
(2021: GBP3.81m). This included financial assets of GBP3.0m (2021:
GBPnil), cash reserves of GBP1.56m (2021: GBP1.06m) and intangible
assets of GBP1.61m (2021: GBP1.60m) 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 GBP637k
(2021: GBP553k) primarily due to planned increases to mitigate
anticipated disruptions in supply.
Investment in Ardgowan Distillery Limited
In August 2021 we announced a GBP3 million strategic investment
(in the form of a convertible loan and with an option to increase
to GBP5 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 GBP3.2
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 GBP59k
(2021: GBP34k) and one-off costs associated with the Ardgowan
financing and investment of GBP66k (2021: GBPnil).
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 GBP200k to GBP739k (2021:
GBP939k) (2020: GBP781k). 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 GBP2.94m
(2021:GBP3.62m) (2020:GBP2.44m). 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 GBP812k (2021:
GBP651k) (2020: GBP597k). Adjusting for GBP66k one-off costs
associated with the financing and investment in Ardgowan during the
period, other administrative costs amounted to GBP746k, 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
GBP'000 GBP'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
GBP'000 GBP'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-based
Share Share payment Accumulated Total
capital premium reserve losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'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 April 2021 1,292 2,908 117 (510) 3,807
------------------------- -------- -------- ----------- ----------- -------
Profit for the year
and total comprehensive
income - - - 174 174
Shares issued 182 3,466 - - 3,648
Share issue costs - (141) - - (141)
Share based payment
expense - (22) 81 - 59
------------------------- -------- -------- ----------- ----------- -------
Balance at 31 March
2022 1,474 6,211 198 (336) 7,547
------------------------- -------- -------- ----------- ----------- -------
Consolidated statement of cash flows
For the year ended 31 March 2022
2022 2021
GBP'000 GBP'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 3,492 -
costs
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 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
(GBP'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
GBP'000 GBP'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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