Artisanal Spirits Company latest: Scotch Malt Whisky Society owner ‘resilient’ in face of tariff turmoil

The Edinburgh-based group said its underlying result for the period was “broadly in line” with the prior year loss of £1 million, despite ongoing tough global trading conditions.

In a trading update to investors, it noted that revenue had marginally decreased while it implemented a tariff mitigation plan.

Membership retention at the Scotch Malt Whisky Society (SMWS) is said to have remained positive, at around 70 per cent, although there was a marginal decline in overall membership compared with the end of December.

The group, which listed on the London Stock Exchange in 2021, said it continued to make good progress with cask sales, with an incremental £1m or so of revenue in the first half supported by the “exciting opportunity” in the coming months from the recent launch of Artisan Cask - a luxury private cask programme.

Artisanal added: “During the period, the US market was impacted by the recent tariff uncertainty. However, we have mitigated this in part through pre-emptive action to take greater control of our US operations from January 2025, ensuring we deploy the right long-term route to market. As a result, we have implemented a new approach to US shipments, which should ensure that future planned shipments are completed via the optimal cost route thereby minimising any tariff impact.”

Chief executive Andrew Dane said: “The group has once again produced a respectable and resilient performance and we continue to make good progress, despite the persistence of volatile global trading conditions. ASC continues to benefit from an excellent and valuable asset base.

“The actions we have, and continue to take, to further diversify our revenue streams are proving effective as we navigate external macro factors - many of which are largely outside our control - to the best of our ability.

“We remain confident in the future opportunity for ASC and continue to build the business for the medium to longer term with entry into exciting new markets such as Vietnam, as well as progressing our plans for a future launch in India.”