In a trading update for the six months ended 30 June 2023, the firm revealed revenue performance of just over £10 million, with growth in Q2 of +7% (following a relatively flat Q1) and improvement on prior year (H1-22 £9.9m which represented significant growth on H1-21 of +25%).

SMWS membership has also grown 9% year-on-year, which the company said demonstrated the strength of its membership proposition and demand for its curated range of premium single cask whiskies.

The Artisanan Spirits Company also highlighted a continued strong performance in Europe and UK Venues. May and June on-line trading in the UK and China was softer than expected, however, Q2-23 in China showed positive momentum with revenue up more than 50% on Q1-23 and membership growth of 8% year on year.

The company also further balanced its cask spirit holding to take advantage of opportunities (including swaps and brokerage) to acquire old and rare spirits (including a recent transaction at the end of H1-23) and realise value from its existing stocks.

Andrew Dane, CEO of The Artisanal Spirits Company, commented: “The first half of the year was another period of strategic delivery with improved sales and membership growth. Following a relatively flat start to the year, momentum has increased in Q2 with strong trading across Europe, continued recovery in China and a record performance at our UK Venues.

“SMWS membership, a key indicator of future sales growth, has increased to over 38,700, reflecting the enduring appeal and growing demand for our uniquely curated premium whiskies. We continue to expand our global footprint and capture increasing demand from enthusiasts in high-growth regions such as South-East Asia. This includes the upcoming launch of a new subsidiary in Taiwan, the world’s third largest market for Ultra-Premium Scotch Whisky.

“We are well positioned to deliver further growth from our diversified end-markets and ultra-premium positioning. With increasing commercial momentum and the flexibility of our model to extract value from our extensive stock-in-cask, we are confident in delivering full year expectations.”