This success is attributed to factors such as product innovation, expansion into new markets, and cost management.

Membership in the SMWS has grown 5% to approximately 42,000, with notable increases in the UK. ASC has also completed the buyout of the minority interest in its Japanese subsidiary.

Looking ahead, ASC expects continued profitable growth in FY25 and FY26, with revenue in line with consensus forecasts. The company plans to further invest £0.5m in its US operations, transitioning to full operational control of SMWSA from 1 January 2025. This investment is expected to enhance growth in the US market.

Andrew Dane, CEO of Artisanal Spirits Company, said: “Our ambition remains to create a high quality, highly profitable and cash generative, premium global business and we are making good progress on that journey with a creditable performance against a backdrop of uncertain trading conditions prevailing in certain markets.

“We are pleased to have increased membership to around 42,000 whisky enthusiasts and continue to demonstrate the strength of our pioneering model through growing revenue diversification, product innovation, evolution of our cask programme and efficient cost management.

“Our acquisition of Single Cask Nation in the USA is well aligned with our ambition to take greater advantage of the sizable and growing American Whiskey market. The additional investment in our USA operations announced today further augments the exciting opportunity for ASC to deliver profitable growth in this key market.

“In addition, our proven strategy of investing in whisky stock continues to generate substantial value, with the current cask inventory value of just over £100m representing around 4x both NBV and Net Debt. With ASC now only needing to acquire stock on a replenishment basis, this continues to increase the positive future cash profile of the business which is encouraging.

“We exit FY24 on track for a strong set of results and on track to deliver further profitable growth in FY25 and beyond.”