Distil (AIM:DIS) sales volumes plunged 47% and profits 19% in the past quarter as it said consumers faced continued spending pressures.
The owner of RedLeg, Blackwoods, TRØVE and Blavod rum, gin and vodka brands said the final quarter of its financial year to 31 March is historically its quietest trading period, particularly in the UK.
“Sales came in below the previous year as major customers changed ordering patterns, particularly in relation to online sales,” said the AIM-listed company said, with higher sales for some customers that resulted in them holding higher than usual stock levels.
Executive chairman Don Goulding said: "The company has faced a tough quarter of trading as the wider market continues to operate within challenging conditions, however the full-year results remain positive, showing double-digit growth on the previous year.”
One key customer reduced distribution, which Distil (AIM:DIS) said was temporary and having inked a new partnership with Global Brands it was working together “to restore this to the usual level as soon as possible, and do not expect this to be an ongoing issue”.