The increase in revenue was driven by an increase in cask sales which offset a challenging trading period in China.
While group revenue grew, increased interest costs, supply chain facility depreciation, and below-expectation results in China resulted in a loss before tax of £3.6 million.
“Despite the globally challenging economic environment in 2023, the group emerged stronger, more resilient and increasingly well positioned for continued growth,” said Andrew Dane, chief executive of The Artisanal Spirits Company.
The Scotch Malt Whisky Society (SWMS) membership grew by 10% during the 2023 fiscal year to over 41,000 with gains particularly seen in the US (+17%) and mainland Europe (+29%).
“The core of the Group remains the SMWS, which celebrated its 40th anniversary in 2023, with a unique and exciting range of celebrations and product developments,” continued Dane.
“In January 2024, we were also thrilled to welcome Single Cask Nation (SCN) to the Group, alongside SMWS and J.G. Thomson. This acquisition is a strong strategic development and is both complementary and incremental to SMWS in the significant and growing US whisky market.
“This sits alongside the range of other strategic initiatives which were delivered in 2023. These, together with the revenue growth and impressive membership expansion give us confidence to support further profitable growth in 2024 and beyond.”
