The Artisanal Spirits Company plc (ASC) reported preliminary results for the year ended 31 December 2025, showing a mixed but resilient performance amidst global economic and political uncertainty. Key highlights include
**Revenue and EBITDA Impact**ASC delivered an adjusted EBITDA loss of £1.9 million, primarily due to the US government shutdown and a strategic change in the US Route-To-Market (RTM) in Q4 2025, which affected revenue and EBITDA by around £1.8 million and £0.8 million, respectively. Excluding the Americas region, revenue declined by £0.4 million (c2%).
**Strategic Changes in the US**From FY26, the US RTM will report in-market depletions instead of shipments, aligning revenue and cash flow better and improving efficiency. This change is expected to generate cost savings of £0.75 million over three years.
**Revenue Diversification**Continued diversification with growth in cask sales (+13%), venues (+8%), and Single Cask Nation (+10%), partially offset by a 25% decline in Asia due to economic headwinds.
**Cost Management**Achieved £0.3 million in recurring cost savings (excluding US non-recurring costs) and an organizational redesign in Q4 2025 expected to save £0.9 million in FY 2026.
**Cask Inventory**Cask stock holding valued at £28.3 million (NBV), independently appraised at £102 million in July 2024, with a 2026 bank valuation averaging 200% of NBV.
**Refinancing**Successfully refinanced the RCF with Santander in September 2025, increasing the facility to £13.5 million with a lower margin rate and no financial covenants.
**Membership and Product Innovation**Maintained underlying membership with growth in the UK and China, and introduced new product innovations like the Signature range and Artisan Casks.
**Global Expansion**Launched new franchise agreements in India and Vietnam, and expanded UK venues with 8% growth.
**Current Trading**Solid start to FY26, with guidance unchanged and trading in line with expectations, driven by cask sales growth and improvements in Asia and America, despite slower European performance.
**Financial Performance**Reported a loss before tax of £7.0 million (2024: £3.1 million) and a net loss of £7.2 million (2024: £3.3 million), with net debt increasing to £31.5 million (2024: £25.5 million).
**Strategic Priorities**Focus on exceptional whisky, membership growth, and international expansion, with a clear vision for long-term value creation.
**Outlook**Despite near-term uncertainties, ASC remains confident in its brands, assets, and strategy, positioning itself for future profitable growth as market conditions improve.
| Financial Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Revenue (£'m) | 23.6 | 19.9 | -15.7% |
| EBITDA (£'m) | 1.1 | -2.4 | -318.2% |
| Adjusted EBITDA (£'m) | N/A | -1.9 | N/A |
| Loss Before Tax (£'m) | -3.1 | -7.0 | 125.8% |
| Net Debt (£'m) | -25.5 | -31.5 | 23.5% |
| Cask Inventory (£'m) | 27.8 | 28.3 | 1.8% |