Investors in Distil Plc (LON:DIS) got their Friday feeling going early as a trading update boosted the alcohol drinks firm’s share price in opening deals.
Distil rose around 14% on Friday morning after the Blackwoods gin maker reported strong sales growth for its first quarter, ended June 30.
First quarter revenue increased by 61% year-on-year while sales volumes were up 81%, the company said. The performance was enhanced by a late Easter holiday, which this year fell in April rather than March the year before.
Adjusted to exclude the Easter impact, the year-on-year sales were significantly improved – revenue up 46% and volumes up 53%.
"We enjoyed another excellent period of year on year growth driven mainly through sales of RedLeg Spiced Rum and Blackwoods Gin,” said Don Goulding, Distil executive chairman.
“Our 81% volume growth ahead of sales revenue growth in the quarter largely reflects a significant 136% increase in our Blavod licensed sales, mainly through Eastern Europe and Duty Free.”
He added: “We remain cautious about this region due to the volatility over recent years. It is, however, the sixth month of strong, continuous growth with the cumulative calendar year tracking 106% up year on year."