Strong trading start to the year – cheers!

Today’s AGM statement from the Artisanal Spirits Company (ASC) reports a strong start to the 2022 financial year for both sales revenue and global membership numbers, which grew by above 30% and by 25% year-on-year respectively. While the second half of the year will face tougher comparisons, the company expects full year sales revenue to match current consensus expectations. We leave our revenue forecasts unchanged at £21.6m in FY2022

• Revenue increased by 30% in the four months to end-April compared with a year earlier.
• Rapid growth in membership numbers underpins the longer-term value of the business.
• ASC also reports good progress at the company’s multi-purpose supply chain facility Masterton Bond.
• Artisanal Spirits will face a tougher year-on-year comparison in the second half of FY2022.
• Despite the strong start, we leave our FY2022 forecasts unchanged at this stage of the year for all of sales revenue, gross profits, and EBITDA.
• We continue to argue that fair value for the business is 150p per share.