By Distil has announced that its pretax loss has narrowed and its revenue has risen for the first half of the year. Despite a challenging business environment, the London-listed spirits provider has seen positive results due to its business-remodel strategy.
For the six months ended September 30, the pretax loss was £314,000 ($386,660), compared to a loss of £555,000 during the same period last year. This improvement can be attributed to a significant reduction in advertising and marketing expenses, which were cut by 58%.
Additionally, revenue increased from £460,000 to £632,000, supported by a 35% growth in gross profit. This was primarily driven by the launch of the RedLeg e-commerce site, which enhanced brand visibility and generated new revenue streams with attractive margins.
Executive Chairman Don Goulding expressed optimism about the company’s performance, stating, “The period has been marked with consumer-facing brand activation, new product development, and encouraging progress in re-establishing our portfolio within the on-trade, thanks to our partnership with Marussia Beverages UK. We are well positioned to continue this growth as we enter our busiest trading period.”
At 0950 GMT, shares remained unchanged at 0.45 pence.
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