Published on: January 16, 2023
One-off factors adversely impact Q3 trading
A number of primarily one-off factors has resulted in a 48% decrease in revenue to £411k in Distil’s peak Q3 trading period (to end December). The principal reasons behind this were: the continuing effects of the one-off reduction in UK market stock cover arising from the change in business model and removal of the UK distributor; a softer-than-expected UK spirits market; and systems issues within a major customer, resulting in sub-optimal replenishment. Distil has indicated that FY23 revenue will be significantly below market expectations. The expected full-year EBITDA loss of £0.6m is, however, unchanged from previous market guidance.
