Overseas success drives growth for Scotch Malt Whisky Society owner

The Artisanal Spirits Company, owner of The Scotch Malt Whisky Society, has said that growth in China and contribution from Taiwan will lead to further profitability in FY24 ahead of its full-year results, due to be revealed in March.

The Artisanal Spirits Company, which also owns J.G. Thompson & Co. and US independent bottler Single Cask Nation, has reported revenue of c.£23 million in FY23. Over 80% of revenue was generated online, predominantly from outside the UK, and the company is present in other key global whisky markets including the US, China, Europe, Japan, Australia and Taiwan.

Scotch Malt Whisky Society membership growth has increased significantly, according to a preview of the company’s results, up by 10% over the year ended 31 December 2023 to exceed 41,000 members.

Revenue and adjusted EBITDA for FY23 remain in line with guidance issued on 8 December 2023, the company said, with revenue expected to be at the top end of £23m (up 1%), representing mid to high single digit full year revenue growth, and adjusted EBITDA around break-even.

January trading remains in line with the company’s expectations, led by growth in China and contribution from Taiwan.

It said the growth combined with good momentum in the US has left the company confident that it can continue to grow profitability with FY24 anticipated to deliver further revenue and EBITDA growth.

Last month the Artisanal Spirits Company announced that it was acquiring Single Cask Nation as part of its goal to grow presence in the US. This acquisition has now been completed. At present, Single Cask Nation works with single malt producers in, among others, England, Sweden, Israel, Australia and India. The US is its largest market.

The Group will publish its Full Year Results for the year ended 31 December 2023 on Wednesday 27 March 2024.