Whisky firm Artisanal Spirits Company plays down Middle East fears after ‘resilient’ underlying results

Chief executive Andrew Dane said 2025’s outcome had been impacted by the previously announced shipping disruption caused by a US government shutdown and changes to route-to-market in the US during the tail end of the year. He described it as a “mixed but pretty resilient performance last year against a backdrop of subdued demand due to political and economic uncertainty”.

The Edinburgh-based group, which also owns Single Cask Nation, JG Thomson and Artisan Casks, posted a bottom-line, pre-tax loss of £7 million for the year to the end of December 2025, compared with a loss of £3.1m in 2024. Overall revenues fell to £19.9m from £23.6m a year earlier.

However, adjusted for the impact of the government shutdown, the earnings before interest, taxes, depreciation and amortisation (Ebitda) loss came in at just £1.9m.

Dane said: “The shutdown had a material impact on our reported results. Excluding that noise in the US, revenue was down 2 per cent and there was a similar impact on Ebitda.

“The underlying performance was pretty robust,” he added. “We used the shutdown to accelerate the final stage of our US route-to-market change and continued to diversify our revenue streams.”

“The group holds no direct exposure to the current conflict in the Middle East. What might happen to consumer confidence and the wider economic conditions is anyone’s guess.

“All we can do is continue to do the things we have been doing. We don’t have over-exposure to one particular market.”

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ASC said there had been effective revenue diversification during the year, with revenue growth in cask sales of 13 per cent, venues up 8 per cent and Single Cask Nation gaining 10 per cent, mitigating a 25 per cent decline in Asia, where “continued market and economic headwinds remain”.

The group, which floated on the London Stock Exchange in 2021, acquired Single Cask Nation in early 2024. The venture sources, curates and bottles single-cask whiskies and other spirits selling both online and via traditional retail channels to thousands of whisky enthusiasts in the US.

The Asian region for ASC is now only half of the size it was in 2022, significantly impacted by economic headwinds in China over the period. The group said it remained “well placed in the Asian market for when improvement in market sentiment returns”.

Cost management and efficiencies delivered a further £300,000 of recurring savings in the year. Underlying global membership, meanwhile, held steady at 39,700.

Dane told investors: “We made good strategic progress in 2025, demonstrating the strength of our brands, the depth of our expertise and our ability to pivot and evolve.

“Looking ahead, we continue to focus on delivering exceptional and unique whisky, growing our membership and deepening member engagement. We will continue to expand in international markets where the appreciation for premium spirits and experiential brands is growing, as well as diversifying our revenue portfolio, through the likes of Single Cask Nation and the growth in trade cask sales to strengthen our future profit delivery.

“While mindful of near-term uncertainties, we remain confident in the strength of our brands, assets, strategy and medium-term opportunity.”

Analysts at Panmure Liberum noted: “We are all living in turbulent times, and multiple exogenous events did impact Artisanal’s performance in 2025. All we need in 2026 are signs that debt is coming down, and trading in the core model to continue to demonstrate stability.

“In this scenario, the shares should do well. Inherently, this is a unique asset, where the long-term equity value is underpinned by what can be generated by sweating the incredible value in its appreciating asset base.”

Meanwhile, Aberdeenshire-based online whisky auctioneer Whisky Hammer has expanded into Asia with the launch of a new operational hub in Hong Kong.

The new base has been established in partnership with 13 Degrees Wine Cellar, a full-service storage provider in Hong Kong, supporting the Scottish firm’s growing client base across Asia.

Founded in 2015, close to the Speyside whisky region, Whisky Hammer has grown into one of the world’s top-rated online whisky auction platforms. The company runs monthly global auctions featuring rare and collectible bottles, serving thousands of customers globally.

From the Hong Kong hub, the business will offer a range of local services including bottle consignments, valuations and client consultations, alongside reducing logistical barriers for collectors and sellers in the region looking to access and utilise its online auction platform.

Hong Kong has long been recognised as a key market for whisky collecting and investment.

Daniel Milne, co-founder and chief executive of Whisky Hammer, said: “Opening in Hong Kong is a natural next step for the business following our expansion into Europe last year. Partnering with 13 Degrees allows us to offer a seamless, locally supported service to clients across Asia and to continue building on the service we offer globally.

“The expansion comes ahead of the planned launch of our new iOS and Android app, where we plan to use the technology to further streamline the customer experience and seamlessly connect our growing network of operational hubs.”

Joseph Luk, managing director of 13 Degrees, added: “This collaboration brings added convenience and confidence to collectors across the region.”

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