Sales and membership growth drives momentum

Sustained growth in both sales revenue and membership numbers drove overall momentum for the Artisanal Spirits Company (ASC) in FY2022. The company is well placed to deliver results in line with expectations and achieve further growth in FY2023, under the new leadership of Andrew Dane as CEO, announced today.

Sales revenue for the year ended 31st December 2022 increased by approximately 20% from £18.2m in FY2021 and is expected to be slightly ahead of our £21.6m forecast when the full audited numbers are announced in March 2023. A 12% increase in global membership numbers to around 37,000 drove the business forward. 

In our view, ASC’s valuation continues to look attractive, especially considering the amount of owned maturing whisky stock (i.e. £445m at nominal value). We reiterate our 150p Fair Value for the shares.