Andrew Dane: good start to the year
Andrew Dane, chief executive of whisky curator The Artisanal Spirits Company, said it had seen strong growth in the US, despite a difficult backdrop, and looked forward to the removal of import duties this month.
The 10% tariff imposed on Scotch whisky by Donald Trump during a fractious global trade dispute will be lifted on 25 July.
The owner of the Scotch Malt Whisky Society is also looking to return to the Indian market following the UK-India trade agreement that reduced tariffs from 150% to 74% from today.
Mr Dane said there would be no short term financial benefits from the India deal, but it would enable the company to build partners ahead of further tariff cuts to 40% in the years ahead.
In the meantime, bottle sales had seen three consecutive quarters of high single digit growth in the US. Australia was up double digits, while UK venues, UK Online and China were relatively flat. EU Online declined by approximately 10% as consumer caution continued and the company continued to control costs accordingly.
“It has been quite a good start to the year. The core business has gone back to decent growth,” he said in a call with Daily Business to discuss the latest trading update.
Speaking about a return to India a decade since it last traded in the country, he said: “We signed a franchise agreement last year. There is no significant gain in the short term. It is about making sure we get the right partners.
“It is a bigger driver in the medium term. In the short term it is a benefit for the wider Scotch industry and that has to be a good thing.”
The company said branded sales grew by high single digits, offsetting lower trade cask sales, resulting in group revenue broadly in line with the prior year.
EBITDA was maintained due to improved branded business performance and cost control, while net cash flow improved by approximately £1.5 million.
The company remains confident in delivering its full-year expectations for FY26, driven by continued momentum in its branded businesses and anticipated trade cask sales in the second half.
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