TIDMDIS
RNS Number : 8204E
Distil PLC
04 July 2023
Distil plc
("Distil" or the "Group")
Final Results for year ended 31 March 2023
"A year of transition"
Distil plc (AIM: DIS), owner of premium drinks brands RedLeg
Spiced Rum, Blackwoods Gin and Vodka, Blavod Black Vodka, TRØVE
Botanical Spirit and Diva Vodka, announces its final results for
the year ended 31 March 2023.
Operational highlights
-- Major move from UK distributor to a new business model
-- Relationship with major UK retail customers taken under direct control
-- Commercial Director appointed to manage major retail and
exports to deliver ambitious growth plans
-- Appointment of leading distributor, Marussia Beverages, to
service the UK hospitality sector
-- RedLeg TV advertisement developed and tested in two key regions
-- Major listing for RedLeg Tropical with leading pub group
-- New export markets opened in Scandinavia and Latin America
with further plans to strengthen and expand global footprint
-- Groundwork laid to create innovative new to world brands
including a blended malt Whisky in partnership with Ardgowan
-- Blackwoods Gin & Vodka Distillery and visitor centre at
the Ardgowan site progressing well with plans to invite trade later
this year once works have progressed further across the wider
site
Financial and corporate highlights
-- Turnover decreased 55% to GBP1.32 million (2022: GBP2.94 million)
-- Gross profit decreased 58% to GBP684k (2022: GBP1.63 million)
-- Volumes (litres) decreased 56%
-- Margins decreased to 52% (2022: 55%)
-- Advertising and promotion spend decreased 34% to GBP582k (2022: GBP890k)
-- Adjusted* administrative expenses increased 21% to GBP903k (2022: GBP746k)
-- Adjusted** EBITDA of GBP(785)k (2022: GBP9k)
-- Operating loss of GBP804k (2022: GBP132k)
-- Net cash outflow*** of GBP845k (2022: GBP500k inflow)
resulting in year-end cash reserves of GBP717k (2022: GBP1.56
million)
-- Net assets of GBP6.80 million (2022: GBP7.55 million) at 31 March 2023
-- Michael Keiller is to step down from the Board and is being
replaced as Non-Executive Director by Shaun Claydon at the
forthcoming AGM
* Administrative costs in 2022 adjusted to remove the one-off
transaction costs associated with the Ardgowan investment
** EBITDA adjusted for one-off transaction costs associated with
Ardgowan investment and annual share based payment expense
*** Prior period cash flows and cash reserves include (1)
proceeds from the fundraising completed in August 2021 amounting to
GBP3.20 million (before expenses), of which GBP3 million was
invested in Ardgowan by way of a convertible loan and (2) proceeds
from the exercise of warrants in September 2021 of GBP433k .
Don Goulding, Executive Chairman of Distil, said:
"It has been a transitional year for the business as we
remodelled to set-up for accelerated growth. The focus has been our
decision to move away from our relationship with distributor
Hi-Spirits in the UK - our largest market - which had a one-off
knock-on effect in relation to sales as existing stock in the
market was depleted.
Our new business model has given us control of the relationship
with the major UK retailers, managed internally by our Commercial
Director, and we are working closely with new on-trade distributor,
Marussia Beverages, with positive headway made in the UK
hospitality sector.
At a Board level, we announce that Mike Keiller is to step down
from the Board at the forthcoming AGM. We thank Mike for the wealth
of experience that he has brought to the business throughout his
tenure, and we wish him all the best as he enjoys his well-earned
retirement.
In order to replace Mike, Shaun Claydon will move from part time
Finance Director to Non-executive Director, whilst retaining his
role as Company Secretary. Current Head of Finance and Operations,
Adebola Adebo ACCA, will assume Shaun's day-to-day
responsibilities.
We intend to further strengthen the Board through the
appointment of an additional independent Non-executive Director who
can add relevant experience and value as soon as reasonably
practicable and in any event by the end of the current financial
year.
We're confident that we have weathered the turbulence related to
the business remodel and the shape of the business model is
expected to yield revenue upside from the current financial year
onwards with accelerated business growth."
Distil PLC
Don Goulding, Executive Chairman Tel: +44 20 3283 4006
Shaun Claydon, Finance Director
----------------------
SPARK Advisory Partners Limited
(NOMAD)
----------------------
Neil Baldwin Tel: +44 20 3368 3550
Mark Brady
----------------------
Turner Pope Investments (TPI)
Ltd (Broker)
----------------------
Andy Thacker/James Pope Tel: +44 20 3657 0050
----------------------
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. On publication of this announcement via a
regulatory information service this information is considered to be
in the public domain
About Distil
Distil Plc is quoted on the AIM market of the London Stock
Exchange. It owns drinks brands in a number of sectors of the
alcoholic drinks market. These include premium spiced rum, vodka,
gin, vodka vanilla cream liqueur and are called RedLeg Spiced Rum.
Blackwoods Vintage Gin, Blackwoods Vodka, Blavod Original Black
Vodka, TRØVE Botanical Spirit and Diva Vodka.
Chairman's statement
Performance
It has been a transitional year as we remodelled the business to
allow us to handle all sales and marketing to our major UK retail
customers directly, and appointed Marussia Beverages, the UK's
leading artisanal spirits business, to grow our brands within the
on-trade and independent sectors.
This major move resulted in a one-off impact to full year
revenue, which sits slightly below market expectations, however the
shape of the business model is expected to yield revenue upside
from 2023 financial year onwards.
Reported losses are mainly attributed to the decline in sales as
stock in the UK trade was depleted following the remodel. There was
a larger job to be done than anticipated due to higher volumes of
stock available in the UK trade than anticipated, however we are
now through these issues, trading well with direct customers, and
have seen the strongest results of the year in Q4, indicating that
we are successfully rebuilding following the remodel.
In addition, the investment into RedLeg Spiced Rum TV campaign
in Q1, along with increased promotions to assist with stock
depletion and the reduction in distribution of Blackwoods gin as
the UK gin market declines, attributed to the loss.
Marketing and new product development
Throughout this transitional period, we have focussed on
stabilising the business, strengthening our export sales, and
ensuring robust plans are in place in order to help accelerate
growth through the new business model.
With direct control of our major UK retail customers, we have
been able to deliver price premiumisation, and have robust
promotional plans in place, supported by above-the-line in-store
and online visibility to drive volume through these customers.
The coming financial year will see a strong programme of events
and brand activation across RedLeg Spiced Rum to drive awareness
and consumer trial. The on-trade will play a significant part in
this, and the team at Marussia Beverages UK are on-track to help
deliver volume-driving activation across key customers.
New packaging formats are also due to be launched into major
retailers in Q2 which will support brand premiumisation and give us
stand-out on shelf product. Our partnership with a well-established
national gifting company to secure listings within miniature gift
packs in major grocery also continues.
The new Blackwoods 2021 Vintage, which launched Q1 of FY 22/23,
involved creating a new, premium liquid in conjunction with Master
Distiller, Sion Edwards, which showcased the best Scottish produce,
including coastal botanicals such as kelp and sea buckthorn, to tie
the new Vintage to the brand home being built on the Ardgowan
estate. All distillation and bottling of the Blackwoods range now
proudly take place in Scotland. The range has been well received
and was awarded silver at the Scottish Gin Awards 2022.
Progress remains positive at the Ardgowan site with all internal
renovation work now complete and the 1,000L hand-built
Scottish-built copper still is in situ ready for commissioning. The
first Blackwoods liquids are due to be distilled this year. The
team is working closely with Ardgowan to design the visitor
experience, with plans to invite trade later this year.
Further to this, the team has been working to design an exciting
new product development programme, which will see us enter
lucrative new categories, including the launch of a blended malt
whisky in accordance with our partnership with Ardgowan. We look
forward to sharing further details with shareholders in due
course.
Export growth
Export sales are down 54% as we lapped particularly strong prior
year sales as we opened significant new markets with new varieties
of RedLeg Spiced Rum and benefited from associated pipe-fill sales
along with additional pipeline fill in established markets post
lockdown.
Expanding the global reach of our brands remains a focus across
the business. Over the past year we have opened two new markets in
Scandinavia and Latin America, with interest from further markets
being nurtured across the portfolio.
In addition, we have increased communication with existing
markets in order to better understand the changing needs of each
post-Brexit, so that we can ensure that we are better supporting
the brands. For the coming financial year, we plan to increase
above the line marketing spend across key markets to help drive
sales.
Cost pressures
Management of operations and cost of goods has been challenging
throughout the year due to the turbulent economic environment which
has seen us faced with double-digit price increases from suppliers
in reaction to inflation. The team continues to work hard to
mitigate these increases and reduce our costs moving forward
without compromising on product quality.
Through close management of suppliers, the margin benefits of
supplying our major customers directly, and price premiumisation,
we expect our margins to recover in the medium term.
Ardgowan
We took the decision in Q3 not to exercise the option (which
expired at the end of December 2022) to invest a further GBP2m into
the Ardgowan Distillery project at this time to focus cash
resources on our core business. However, Ardgowan plans remain
intact and the project represents a significant long-term
investment for the business.
We are working closely with the team to deliver the Blackwoods
brand home and we look forward to welcoming the first visitors in
the coming year.
Board Changes
Mike Keiller has announced his intention to step down from the
Board at the forthcoming AGM.. Mike has brought a wealth of
experience to the business during his tenure, however he has taken
the decision to resign his position in order to enjoy his
well-earned retirement.
In order to replace Mike, Shaun Claydon will move from part time
Finance Director to Non-executive Director, whilst retaining his
role as Company Secretary. Current head of finance and operations,
Adebola Adebo will assume Shaun's day to day responsibilities.
We intend to further strengthen the Board through the
appointment of an additional independent Non-executive Director who
can add relevant experience and value as soon as reasonably
practicable and in any event by the end of the current financial
year.
Outlook
The past year has seen significant changes within the business
as we remodelled and strengthened the team across departments to
support direct to customer channels and accelerated growth of our
brands.
As we enter the new financial year, we are conscious of global
pressures that still remain in terms of economic uncertainty and
the impact that this will have on consumer spending habits as
disposable income is squeezed.
However, we are confident that our brands are well positioned as
affordable premium products, meaning that they will remain
attractive to consumer and trade alike.
We will continue to focus on finding efficiencies across the
supply chain to ensure that our margins recover, and seek new
markets and channels within which to drive volume.
In conjunction with our remodelled business, new product
development programme and investment into brand marketing, we are
confident that we will be able to accelerate business growth
throughout the coming financial year, creating significant value
for shareholders. We will update the market on progress milestones
in due course.
Strategic report
Results for the year
The loss before tax attributable to shareholders for the year
amounted to GBP654k (2022: loss before tax GBP95k). Adjusted
EBITDA* was a loss of GBP785k (2022: profit of GBP9k).
Year-on-year sales revenues and volumes declined 55 % and 56 %
respectively and reflects a number of one-off issues affecting the
business during the financial year. These included the
implementation of a new business model moving from a
distributor-based model to taking direct control of supplying major
UK customers. This transition resulted in a significant one-off
reduction in UK market stock cover with a consequential reduction
in revenues during the year. This was compounded by a system issue
at a major retail customer resulting in a significant reduction in
Redleg Spiced Rum stock availability during the key Christmas
trading period together with a delisting of Blackwoods gin by a
mid-sized retailer. More broadly the UK spirits market proved
softer than expected in response to the challenging economic
environment, particularly inflation which impacted consumer
confidence.
Gross margins fell to 52% (2022: 55%) primarily due to a
significant increase in the cost of goods as our suppliers
implemented double digit price increases in response to inflation.
In the short-term gross margins will remain subdued due to these
cost increases whilst in the medium term we expect recovery toward
prior year levels as the benefits of the change in business model
to direct customer supply and brand premiumisation filter
through.
We continued to invest in brand development during the period.
Despite seeing a reduction in absolute terms, marketing spend as a
percentage of sales increased to 44% (2022: 30%) partly due to Q1
costs associated with the Redleg Spiced Rum TV campaign and also as
we continued to build programmes to support our existing brands and
lay the groundwork to create and launch new products in response to
consumer trends during 2023.
The Group seeks to minimise overheads where possible, whilst
ensuring sufficient investment to support the growth in sales of
its existing brands and development of new brands. Other
administrative expenses increased by 11% over prior year. Adjusting
for the one-off costs associated with the financing and investment
in Ardgowan Distillery Limited in the prior year, the like-for-like
increase was 21%, primarily due to investment in staff recruitment
to support business growth, increased travel and professional fees
as well as general inflationary cost increases.
Cash flow
The operating loss together with net movements in working
capital resulted in a net cash outflow from operating activities of
GBP966k during the year (2022: GBP151k inflow). Net movements in
working capital were impacted by a GBP432k increase in inventories
during the year. This was due to the "one-off" return of unsold
stock from our former UK distributor as a result of our business
remodel together with lower than expected sales volumes. Following
convertible loan interest income of GBP150k from Ardgowan and
modest capex, the Company's cash and cash equivalents decreased by
GBP845k to GBP717k at the financial year end.
Balance sheet
The Group had net assets of GBP6.80m at the financial year end
(2022: GBP7.55m). This included financial assets of GBP3.0m (2022:
GBP3.0m), cash reserves of GBP0.72m (2022: GBP1.56m) and intangible
assets of GBP1.63m (2022: GBP1.61m) comprising expenditure on
trademarks related to our brands. Financial assets solely comprise
our investment in Ardgowan, further details of which are set out
below and note 12 to the accounts. Inventories increased to
GBP1.07m (2022: GBP637k) primarily due to the aforementioned
business model change and lower than expected sales volumes.
Investment in Ardgowan Distillery Limited
The GBP3 million strategic investment in Ardgowan is in the form
of a convertible loan yielding interest of 5% per annum. After
careful consideration by the Board it was decided not to exercise
the option to invest a further GBP2 million before its expiry on 31
December 2022 and to focus cash resources on our core business.
*EBITDA is adjusted for share based payment expenses of GBP3k
(2022: GBP59k) and one-off costs associated with the Ardgowan
financing and investment of GBPNil (2022: GBP66k).
Principal activities and business review
Distil Plc (the "Company") acts as a holding company for the
entities in the Distil Plc Group (the "Group"). The principal
activity of the Group throughout the period under review was the
marketing and selling of RedLeg Spiced Rum, Blackwoods Vintage Gin,
Blackwoods Vodka, Blavod Original Black Vodka, TRØVE Botanical
Spirit and Diva Vodka.
The 2023 financial year was a year of transition, and the
disappointing performance primarily reflects the change in business
model away from our UK distributor and taking direct control of
supply to major UK customers. This change required a one-off but
prolonged clearing of stocks from the previous distributor which
significantly impacted revenues. This was further compounded by a
softer than expected UK spirit market in response to the ongoing
challenging economic environment together with inflationary
pressure throughout our supply chain. Having completed this
transition the focus in the year ahead is to drive domestic and
export revenue growth through multi-channel and marketing
activities and new product launches whilst ensuring overhead costs
remain appropriate for the size of the Group.
Key performance indicators
The Group monitors progress with particular reference to the
following key performance indicators:
-- Contribution - defined as gross margin less advertising and promotional costs
Contribution for the year decreased GBP638k to GBP102k (2022:
GBP739k). This decrease was primarily due to a 55% fall in overall
sales revenues whilst advertising and marketing costs saw a lesser
reduction of 35% during the year as we maintained investment in
brand development.
-- Sales turnover versus previous year
Total sales decreased 55% year-on-year to GBP1.32m (2021:
GBP2.94m). Sales of RedLeg Spiced Rum which accounts for the
majority of sales revenue decreased 52% whilst Blackwoods gin
posted a 86% decrease in revenue during the period. Blackwoods
Vodka and Blavod Original Black Vodka experienced a reduction in
sales of 34% and 41% respectively whilst TRØVE Botanical Spirit
posted a sales increase of 59%, albeit all off relatively small
bases.
-- Gross margin versus previous year
Gross margin as a percentage of sales experienced a reduction to
52% (2022: 55%) due to an increase in the costs of sales caused by
inflationary pressures throughout the Group's supply chain. The
change in business model away from the UK distributor model should
mitigate these increases in the short to medium term as we capture
additional margin from the supply chain and premiumise our
brands.
We also closely monitor both the level of, and value derived
from our advertising and promotional costs and other administrative
costs. As a percentage of sales, advertising and promotional spend
amounted to 44% (2022: 30%) during the year, reflecting our
continued commitment to investing in existing and new brand
development.
Other administrative costs increased 11% to GBP903k (2022:
GBP812k). Adjusting for the one-off costs associated with the
financing and investment in Ardgowan during the prior year
(GBP66k), other administrative costs increased 21%. This increase
was primarily due to an increase in staff costs, as we strengthened
the team during the period, additional professional fees and travel
costs and general inflationary cost increases.
Principal risks and uncertainties
As a relatively small but growing business our senior management
is naturally involved day to day in all key decisions and the
management of risk. Where possible, structured processes and
strategies are in place to monitor and mitigate as appropriate.
This involves a formal review at Board level.
The directors are of the opinion that a thorough risk management
process has been adopted which involves a formal review of the
principal risks identified below. Where possible, processes are in
place to monitor and mitigate such risks.
-- Economic downturn
The success of the business is reliant on consumer spending. An
economic downturn, resulting in reduction of consumer spending
power, will have a direct impact on the income achieved by the
Group. In response to this risk, senior management aim to keep
abreast of economic conditions. In cases of severe economic
downturn, marketing and pricing strategies will be modified to
reflect the new market conditions.
-- High proportion of fixed overheads and variable revenues
A large proportion of the Group's overheads are fixed. There is
the risk that any significant changes in revenue may lead to the
inability to cover such costs. Senior management closely monitor
fixed overheads against budget on a monthly basis and cost saving
exercises are implemented wherever possible when there is an
anticipated decline in revenues.
-- Competition
The market in which the Group operates is highly competitive. As
a result, there is constant downward pressure on margins and the
additional risk of being unable to meet customer expectations.
Policies of constant price monitoring and ongoing market research
are in place to mitigate such risks.
-- Failure to ensure brands evolve in relation to changes in consumer taste
The Group's products are subject to shifts in fashions and
trends and the Group is therefore exposed to the risk that it will
be unable to evolve its brands to meet such changes in taste. The
Group carries out regular consumer research on an ongoing basis in
an attempt to carefully monitor developments in consumer taste.
-- Portfolio management
A key driver of the Group's success lies in the mix and
performance of the brands which form the Group's portfolio. The
Group constantly and carefully monitors the performance of each
brand within the portfolio to ensure that its individual
performance is optimised together with the overall balance of
performance of all brands marketed and sold by the Group.
Future developments
We remain focused on four key growth drivers to maintain
profitable brand growth and create value. These are listed
below:
Brand activation and marketing at the point of sale:
-- Precise timing and frequency of promotional activity including occasions & gifting.
-- Bringing promotions to life and aligned with changing consumer needs.
-- Marketing and promotional activity tailored to local market needs.
Innovation in liquid & packaging development:
-- Pack sizes & formats, new brands, liquids and flavours.
Route to consumer:
-- Build long term relationships with capable local distributors in each key market.
-- Open new territories for each key brand, targeting premium growth markets.
-- Develop new trade channels through format and product.
Access to new production and design:
-- Across all aspects of distilling, bottling, packaging.
Consolidated statement of comprehensive income
For the year ended 31 March 2023
2023 2022
GBP'000 GBP'000
-------------------------------------- --------- ---------
Revenue 1,320 2,942
Cost of sales (636) (1,313)
--------------------------------------- --------- ---------
Gross profit 684 1,629
Administrative expenses:
Advertising and promotional costs (582) (890)
Other administrative expenses (903) (812)
Share based payment expense (3) (59)
Total administrative expenses (1,488) (1,761)
--------------------------------------- --------- ---------
Loss from operations (804) (132)
Finance income 150 37
Loss before tax (654) (95)
Taxation (94) 269
--------------------------------------- --------- ---------
(Loss)/profit for the year and total
comprehensive income (748) 174
--------------------------------------- --------- ---------
(Loss)/earnings per share
Basic (pence per share) (0.11) 0.03
Diluted (pence per share) (0.11) 0.02
--------------------------------------- --------- ---------
Consolidated statement of financial position
As at 31 March 2023
2023 2022
GBP'000 GBP'000
----------------------------------------- -------- --------
Assets
Non-current assets
Property, plant and equipment 153 167
Intangible assets 1,633 1,606
Financial assets at amortised cost 3,000 3,000
Deferred tax asset 351 445
------------------------------------------ -------- --------
Total non-current assets 5,137 5,218
------------------------------------------ -------- --------
Current assets
Inventories 1,069 637
Trade and other receivables 883 687
Cash and cash equivalents 717 1,562
------------------------------------------ -------- --------
Total current assets 2,666 2,886
------------------------------------------ -------- --------
Total assets 7,806 8,104
------------------------------------------ -------- --------
Liabilities
Current liabilities
Trade and other payables 854 407
Financial liabilities at amortised cost 150 150
------------------------------------------ -------- --------
Total current liabilities 1,004 557
------------------------------------------ -------- --------
Total liabilities 1,004 557
------------------------------------------ -------- --------
Net assets 6,802 7,547
------------------------------------------ -------- --------
Equity
Share capital 1,474 1,474
Share premium 6,211 6,211
Share-based payment reserve 200 198
Accumulated losses (1,084) (336)
------------------------------------------ -------- --------
Total equity 6,802 7,547
------------------------------------------ -------- --------
Consolidated statement of changes in equity
For the year ended 31 March 2023
Share-based
Share Share payment Accumulated
capital premium reserve losses Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- -------- -------- ----------- ----------- ------------
Balance at 1 April
2021 1,292 2,908 117 (510) 3,807
Profit for the year
and total comprehensive
income - - - 174 174
Shares issued 182 3,466 - - 3,648
Share issue costs - (141) - - (141)
Share based payment
expense - (22) 81 - 59
------------------------- -------- -------- ----------- ----------- ------------
Balance at 31 March
2022 and
1 April 2022 1,474 6,211 198 (336) 7,547
------------------------- -------- -------- ----------- ----------- ------------
Loss for the year
and total comprehensive
income - - - (748) (748)
Share based payment
expense - - 3 - 3
------------------------- -------- -------- ----------- ----------- ------------
Balance at 31 March
2023 1,474 6,211 201 (1,084) (6,802)
------------------------- -------- -------- ----------- ----------- ------------
Consolidated statement of cash flows
For the year ended 31 March 2023
2023 2022
GBP'000 GBP'000
------------------------------------------------- -------- ---------
Cash flows from operating activities
Loss before taxation (654) (95)
Adjustments for non-cash/non-operating items:
Finance income (150) (37)
Depreciation 16 16
Expenses settled by shares - 15
Share-based payment expense 3 59
(785) (42)
Movements in working capital
Increase in inventories (432) (84)
Increase in trade and other receivables (196) (78)
Increase in trade and other payables 447 54
Net cash used in operating activities (966) (150)
-------------------------------------------------- -------- ---------
Cash flows from investing activities
Purchase of property, plant and equipment (2) (16)
Expenditure relating to licences and trademarks (27) (8)
Payment on issue of convertible loan notes - (2,850)
-------------------------------------------------- -------- ---------
Net cash used in investing activities (29) (2,874)
-------------------------------------------------- -------- ---------
Cash flows from financing activities
Proceeds from issue of shares, net of issue
costs - 3,492
Interest received on convertible loans 150 32
Net cash generated from financing activities 150 3,524
-------------------------------------------------- -------- ---------
Net (decrease)/increase in cash and cash
equivalents (845) 500
Cash and cash equivalents at beginning of
year 1,562 1,062
Cash and cash equivalents at end of year 717 1,562
-------------------------------------------------- -------- ---------
Note : the above "Note" references refer to the Notes to the
Financial Statements in the Annual Report & Accounts, a copy of
which will be available shortly on the Company's website
www.distil.uk.com and which will be available from the Company's
registered office. A further notification will be made at that
time.
1. Basis of preparation and summary of significant accounting policies
The consolidated and company financial statements are for the
year ended 31 March 2023. They have been prepared in accordance
with UK-adopted International Accounting Standards ("IFRS").
The financial statements have been prepared under the historical
cost convention. The measurement bases and principal accounting
policies of the Group are set out below.
Distil Plc is the Group's ultimate parent company. The Company
is a public limited company incorporated and domiciled in England
and Wales. The address of Distil Plc's registered office is 201
Temple Chambers, 3-7 Temple Avenue, EC4Y 0DT and its principal
place of business is 73 Watling Street, EC4M 9BJ.
These results are audited; however, the financial information
does not constitute statutory accounts as defined under section 434
of the Companies Act 2006. The consolidated balance sheet at 31
March 2023 and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated
statement of cash flows for the year then ended have been extracted
from the Group's 2023 statutory consolidated financial statements
upon which the auditor's opinion is unqualified. The statutory
consolidated financial statements for the year ended 31 March 2023
were approved by the Board on 3 July 2023 and will be delivered to
the Registrar of Companies in due course.
The financial information for the year ended 31 March 2023 has
been derived from the Group's statutory consolidated financial
statements for that year, as filed with the Registrar of Companies.
Those consolidated financial statements contained an unqualified
audit report.
A copy of the Annual Report & Accounts will shortly be
available on the Company's website www.distil.uk.com and will be
available from the Company's registered office.
2. (Loss)/earnings per share
The calculation of the basic earnings per share is based on the
results attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the year.
The diluted earnings per share is calculated based upon dilutive
share options and warrants, see note 16 (c). In the current year,
as the Group was loss making, the share options and warrants have
not been included in the calculation as they would be
anti-dilutive.
The earnings and weighted average number of shares used in the
calculations are set out below.
2023 2022
---------------------------------------- ------------ ------------
(Loss)/profit attributable to ordinary
shareholders (GBP'000) (748) 174
Weighted average of number of shares 684,399,579 676,801,406
---------------------------------------- ------------ ------------
Basic per share (pence) (0.11) 0.03
Diluted per share (pence) (0.11) 0.02
---------------------------------------- ------------ ------------
3. Segment reporting
2023 2022
GBP'000 GBP'000
--------- -------- --------
Revenue
UK 1,190 2,612
Export 130 330
--------- -------- --------
1,320 2,942
--------- -------- --------
Gross profit
UK 598 1,424
Export 86 205
-------------- ---- ------
684 1,629
-------------- ---- ------
The directors have decided that providing a geographical split
by two locations, UK and Export, offers an enhanced indicator of
business activity. Only revenue and gross profit can be easily
identifiable when splitting between UK and export markets. All
trade is undertaken, and assets are held in one geographic
location, being the UK.
The Group's revenue included 3 (2022: 1) customers making up
more than 10% each during the year:
2023 2022
GBP'000 GBP'000
Revenue by Type
Customer 1 552 -
Customer 2 217 -
Customer 3 140 -
Customer 4 97 2,531
All other customers 314 411
--------------------- -------- --------
1,320 2,942
--------------------- -------- --------
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