Published on: October 13, 2022
Interim results reflect business model shift
Distil’s interim results to 30 September 2022 reflect the financial consequences of the strategic change to its business model, with the group assuming direct control of servicing its major UK customers and employing a third-party distributor for the rest of its business (primarily hospitality, wholesale and export). The reversal to a £602k adjusted operating loss should be seen in this light. To that point, we are making no changes to the reinitiated forecasts published after the Q1 trading update on 13 July. Net cash reserves stood at £0.95m as at 30 September (vs £1.56m at 31 March).