Distil PLC’s (LON:DIS) marketing strategy appeared to be working, as the spirits producer offset expected decline and tough market conditions, reporting hearty revenues for the quarter.
The premium brand alcohol owner saw revenues climb 66% whilst volumes rose 76% compared to the previous year, bolstered by a 61% increase in brand marketing.
The group attributed the growth in volumes to a temporary shift in volume mix as it pushed its Redleg Spiced Rum, Blavod Black Vodka and Blackwoods Gin Limited Edition brands.
The shift managed to offset the anticipated fall in quarterly shipments of its standard Blackwoods Gin after strong comparative revenues from its US launch the previous year.
Despite challenging trading conditions in Eastern Europe, the company’s Blavod Black Vodka sales showed growth in the period.
With the £626,000 raised though the placing of shares last month, the company said it continued to pursue its aggressive marketing and sales strategy in both domestic and international markets.
“We anticipate full year performance to be in line with the board's expectations,” said executive chairman Don Goulding.
Shares were up 2% to 0.94p.