Losses deepen at Artisanal Spirits Company – Daily Business

US disruptions impacted on whisky shipments

Disruptions in the US market saw losses at the Artisanal Spirits Company, owner of the Scotch Malt Whisky Society, deepen to £7 million from £3.1m last time, primarily due to the US operational impacts.

The US government shutdown and a change in route-to-market (RTM) impacted Q4 shipments by approximately £1.8m in ebitda, contributing to a £1.9m loss in adjusted ebitda for the year to the end of December.

Revenue fell to £19.9m from £23.6m in the previous year, with the Americas region seeing a fall of £3.2m.

Despite these headwinds, the premium whisky curator saw growth in cask sales, venues, and Single Cask Nation, and is implementing £0.75m in cost savings over three years from the US route-to-market changes, which will also align revenue with depletions from FY26.

The company also refinanced its revolving credit facility with Santander, increasing it to £13.5m.

Underlying membership was maintained in the year: UK increased 1%, offset by 1% decline in Asia; Growth in China and Japan of 2% and 5% respectively, was offset by decline in Taiwan of 20%.

It said it made a solid start to the year and FY26 guidance remains unchanged, with trading in line with expectations. Cask sales growth alongside year-on-year revenue improvements in Asia and America are offsetting a slower start in Europe where consumer confidence remains subdued.

The change to the US RTM, which will take effect from April, allows the firm to take more direct involvement in boosting member engagement and brand awareness that will drive membership, revenue and ebitda growth.

The group holds no direct exposure to the current conflict in the Middle East as it does not sell directly to any of those key geographies. It said any impact would be more indirect, relating to associated inflationary pressures and consumer confidence.

Andrew Dane, CEO, said: “Despite persistent macroeconomic and complex geopolitical challenges, as well as the previously announced US operational disruption at the end of the year, ASC continues to manage the factors within its control well.

Andrew Dane: confident in the strength of our brands

“We made good strategic progress in 2025, demonstrating the strength of our brands, the depth of our expertise and our ability to pivot and evolve.

“The operational platform we have in place, combined with our cost base efficiency, more direct control over our US operations and increasingly diversified revenue streams, positions us well to benefit as market conditions improve.

“2025 saw us further consolidate our presence in key Asian markets in India and Vietnam, and SMWS continued to progress, underpinned by a loyal, global membership base with around 70% member retention, demonstrating the enduring appeal of our unique single cask and small batch spirits.

“Looking ahead, we continue to focus on delivering exceptional and unique whisky, growing our membership and deepening member engagement.

“We will continue to expand in international markets where the appreciation for premium spirits and experiential brands is growing, as well as diversifying our revenue portfolio, through the likes of Single Cask Nation and the growth in trade cask sales to strengthen our future profit delivery.

“While mindful of near-term uncertainties, we remain confident in the strength of our brands, assets, strategy and medium-term opportunity.”

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