Distil PLC (AIM:DIS) shares dropped 4% to 0.46p as the RedLeg Spiced Rum and Blavod vodka owner said full-year revenue came in slightly below market expectations and losses grew.
Although volumes decreased 40% and revenues 37% in the fourth quarter, it was the strongest performance of the year.
Unaudited revenue of £1.3mln for the year ended 31 March 2023 was less than half the £2.9mln seen in full-year 2022, while a loss before tax grew to £0.71mln from £95,000.
The outlook for the coming financial year is positive, said executive chairman Don Goulding, with the improvements in the fourth quarter "indicating that we are successfully rebuilding following the business remodel in the first half of the year".
He said driving growth of existing brands through export has been a focus in the first quarter of this financial year, with new markets opened in Europe and interest from further afield, while groundwork has been laid on "innovative new-to-world products in response to consumer trends", including a blended malt whisky in accordance with a partnership with Ardgowan targeting a launch in the second half of the current year.
But with double-digit price increases from suppliers, he said efforts were being made to mitigate these increases and reduce costs.