Distil Plc (LON:DIS) said there is high demand for alcoholic drinks as UK consumers have been stocking up during the lockdown.
In the quarter to 31 March, revenues soared 97% as sales volumes increased 80%, thanks to “strong” individual brand performance and weak results last year due to Brexit.
READ: Distil new honey collab looks bitter-sweet as it will push profits below expectations
Analysts at Progressive said the results were helped by “a judicious decision” to advance production timing to ensure availability of stock, as well as “prompt channel management”.
The AIM-listed firm switched stock from the on-trade channels, such as pubs, hotels and restaurants, to meet increased demand from the off-trade channel, such as grocery stores.
Last month revenues jumped 50%, “more than double the 22% increase indicated in recent press reports for the UK alcohol market,” analysts noted.
The spirits seller said results for the year to March will be in line with current market expectations, though it dropped guidance for the current period due to the coronavirus pandemic.
Shares rose 7% to 0.86p on Thursday morning.