Source - Alliance News

Distil PLC - London-based premium drinks retailer - Provides trading update for its fourth financial quarter ended March 31. Revenue jumps 32% compared to a year ago. Volumes increase by 38% while investment in brand marketing and new product development more than doubles.

The company is profiting from the reopening of markets following Covid lockdowns, Executive Chair Don Goulding says. ‘This has resulted in export revenue growth of 70% versus the same period last year, with domestic sales advancing 29%. Sales continue to track ahead of pre-pandemic levels,’ he adds.

The main reason behind revenue growth was the increasing demand for RedLeg Spiced Rum, jumping 37% in sales, the firm explains.

For the year, the company sees a positive outlook, ‘subject to markets continuing to remain open post-Covid’. ‘Price inflation will play a key role in determining consumer disposable income and the cost of goods,’ it adds.

Current stock price: 1.40 pence, up 17% on Wednesday

12-month change: down 42%

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