Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Distil PLC (DIS)

  Print      Mail a friend       Annual reports

Tuesday 16 December, 2014

Distil PLC

Half Yearly Report

RNS Number : 7930Z
Distil PLC
16 December 2014
 

 

 

Distil plc

("Distil" or the "Group")

 

Interim Results for the six months

ended 30th September 2014

 

Distil plc (AIM: DIS), owner of premium drinks brands including Blavod black vodka, Blackwoods gin and vodka and RedLeg spiced rum, today announces its unaudited interim results for the six months ended 30th September 2014.

 

Operational review:

•  US Distributor appointed in anticipation of TTB (US Alcohol and Tobacco Tax and Trade Bureau) approval for Blackwoods gin, Blackwoods vodka and RedLeg spiced rum.

•  US FDA (Food and Drug Administration) approval for the natural flavourings for RedLeg Spiced rum allowing the subsequent admission to TTB for approval.

•  Appointment of replacement distributor in US for Blavod Black vodka.

•  Appointment of distributors for RedLeg in Russia and Canada and for Blackwoods in Portugal Germany, France and Italy.

•  Increased investment in promotional support for Blackwoods gin, vodka and RedLeg rum.

•  Ukraine and Russia Duty Free reduction in imports year-on-year.

•  Termination of remaining third party brand distribution agreements. Group now

   entirely focused on owned brands.

 



Financial Review - versus same period last year

 

•  Gross profit from owned brands increased by 8%

•  Decline in Blavod vodka volumes as Eastern Europe and Ukraine reduce imports.

•  Margins on owned brands rise from 39% to 55% for the same period, year-on-year.

•  Turnover falls as the Group moves from 3rd party brand distribution in the UK and transfers owned brands to a distributor. This is reflected in the associated reduction in staff costs.

•  Financing costs reduced to £3k (down 83%) following withdrawal from invoice

factoring.

•  Total administrative expenses reduced by 33% of which Staff costs are down 41%

 

 

Don Goulding, Executive Chairman of Distil, said:

 

"Our primary objective remains to move the business to break even through the building of our brands whilst holding down costs. Key to achieving this is to open up major export markets and continuing to develop existing markets. Approval for our brands into the

important US market is taking considerably longer than envisaged although we remain confident that the necessary approvals will be achieved in the near future. It has however led to significant delay in building anticipated brand profits."

 

Executive Chairman's statement

 

Results

 

Gross profits and margins from our brands rose in the period as we focused on brand building through increased distribution and brand promotion. This was partially offset by a decline in sales in Eastern Europe for the Blavod black vodka brand.

  

Gross margin from our brands as a percentage of sales rose from 39% to 55% as a result of an improved product mix and our withdrawal from unprofitable deals.

 

Operations

 

Whilst it is disappointing that the approval process for or our brands is taking longer than we expected in the US, we have taken steps to ensure that we hit the ground running once the final stages of approvals are granted by the TTB and US FDA. We have agreed terms with a US distributor for Blackwoods Gin, Blackwoods Vodka and RedLeg spiced rum and also following a review appointed a new distributor for Blavod Black Vodka. This new

distributor is currently in the process of obtaining TTB approvals and planning to be up and running in 2015. In addition, we have appointed distributors for RedLeg in Canada and for Blackwoods Gin and Vodka in Portugal, Germany, France and Italy. In these European territories we have increased our spend on promotional support and anticipate this will

increase sales levels in the coming months.

 

UK Market conditions continue to be favourable forpremium brands although the value sector is under considerable pressure. As we reported in November, we secured a number of important listings across a range of outlets including bars, retail groups and a major wholesale Cash and Carry operator.

 

Trading conditions in Eastern Europe particularly after events in Ukraine have been

challenging and we expect will remain so for the foreseeable future. As a result, we are

actively seeking new markets where we can begin to distribute our brands in these

territories. Spiced rum and premium gin sectors remain in growth ahead of their respective categories.

 

Encouragingly, sales of RedLeg Spiced Rum continued to grow both in the UK and overseas. We have continued to support the brand with tastings directly to consumers at

festivals, events and through our rum shack appearances at key "on trade" venues. Our rum shack events have been particularly successful in driving awareness and in creating a growing consumer following.

 

Blackwoods gin has also continued to perform well in an increasingly competitive market.

 

Blackwoods vodka sales are ahead of expectations albeit from a small base and both trade and consumer reaction has been positive and we are confident this brand will keep growing in popularity.

 

Over this period we have developed new packaging designs to replace the previous three designs for Blavod vodka. The first roll-out of these new designs for Blavod Original,

will be launched in the UK during January 2015.

 

The Group has reduced operating costs further in the period, with reduced financing costs following the termination of factoring of invoices as well as lowering of administrative and staff costs.

 

Outlook

 

Market conditions remain relatively favourable for premium brands and we continue to

focus on opening new markets and the promotion of our brands in existing markets.

Opening the US for Blackwoods gin and vodka and remains our priority.

 



 

 

Distil plc - Half Year Results




Consolidated comprehensive interim income statement  

 

 


Six months ended 30 September 2014

Six months ended 30

September 2013

Year ended 31 March 2014


Un-audited

Un-audited

Audited


£,000

£,000

£,000

Profit & Loss




Revenue

280

1,286

2,405

Cost of sales

(123)

(1,009)

(1,830)

Gross Profit

157

277

575

Administrative expenses:




Advertising and promotional costs

(66)

(58)

(235)

Other administrative expenses

(284)

(427)

(714)

Depreciation & amortization

Other Operating Income

(2)

-

(4)

-

(7)
14

Total administrative expenses

(352)

(489)

(942)

Operating loss

(195)

(212)

(367)

Finance expense

(3)

(17)

(25)

(Loss) before tax from continuing operations

(198)

(229)

(392)

Income tax

-

-

-

(Loss) for the period

(198)

(229)

(392)





Earnings per share:




From continuing operations




Basic (pence per share)

(0.05)

(0.07)

(0.12)

Diluted (pence per share)

(0.05)

(0.07)

(0.12)





Consolidated interim balance sheet

As at 30 September 2014

As at 30 September 2013

As at 31 March 2014


Un-audited

Un-audited

Audited


£,000

£,000

£,000

ASSETS




Non current assets




Property, plant and equipment

8

13

9

Intangible fixed assets                                   

1,497

1,482

1,493

Total non current assets

1,505

1,495

1,502





Current assets




Inventories

115

120

64

Trade and other receivables

221

419

361

Cash and cash equivalents

189

53

344

Total current assets

525

592

769

Total assets

2,030

2,087

2,271





LIABILITIES




Current liabilities




Trade and other payables

(271)

(357)

(314)

Finance facility liability

-

(162)

-

Total current liabilities

(271)

(519)

(314)

Total liabilities

(271)

(519)

(314)





Net Assets

1,759

1,568

1,957





EQUITY




Equity attributable to equity holders of the parent




Share capital

1,153

1,096

1,153

Share premium

1,853

1,358

1,853

Shares to be issued

-

12

-

Retained deficit

(1,247)

(898)

(1,049)

Total equity

1,759

1,568

1,957









Consolidated interim cash flow statement

Six months ended 30 September 2014

Six months ended 30 September 2013

Year ended 31 March 2014


Un-audited

Un-audited

Audited

Cashflows

£,000

£,000

£,000

Cashflows from operating activities




(Loss) before tax

(198)

(229)

(392)

Adjustments for:




Finance expense

3

17

25

Depreciation
Loss on disposal of property, plant and equipment

2

-

4
-

7
2


(193)

(208)

(358)

Movements in working capital




(Increase)/Decrease in inventories

(51)

241

297

Decrease/(Increase) in accounts receivables

140

209

267

(Decrease)/Increase in trade payables

(43)

(71)

(114)

Cash generated by/ (used in) operations

46

379

450

Net finance expense

(3)

(17)

(25)

Net cash (used in)/generated by operating activities

(150)

154

67

Cashflows from investing activities




Purchase of property plant  & equipment

(1)

-

(1)

Expenditure relating to the acquisition and registration of licenses and trademarks

(4)

(64)

(75)

Net cash (used in) investing activities

(5)

(64)

(76)

Cashflows from financing activities




Proceeds from issue of shares

-

-

552

Net cash (repaid to)/received from finance facility

-

(97)

(259)

Net cash (used in)/generated by financing activities

-

(97)

293





Net (decrease) in cash and cash equivalents

(155)

(7)

284

Cash & cash equivalents at the beginning of the period

344

60

60

Cash & cash equivalents at the end of the period

189

53

344

 

 

 

 

Notes:

 

1.     Basis of preparation

This interim report was approved by the Board on15 December 2014.  These consolidated interim unaudited financial statements are for the six months ended 30 September 2014. They have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretation Committee (IFRIC) Interpretations at 30 September 2014, as adopted by the European Union. They do not include any of the information required for annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2014.  This condensed consolidated financial information does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006.  Statutory accounts for the year ended 31 March 2014 were approved on 6 June 2014.  These accounts, which contained an unqualified audit report under Section 495 of the Companies Act 2006 did not contain any statements under Section 498 of the Companies Act 2006 and have been delivered to the registrar of companies in accordance with Section 441 of the Companies Act 2006.

2.   Availability

Copies of the interim report will be available from the Company's head office at 3rd Floor, Cardinal House, 39/40 Albemarle Street, London, W1S 4TE and also on www.distil.uk.com

For further information please contact:

 

 

Distil plc


Don Goulding Executive Chairman

Tel: +44 207 352 2096

 

SPARK Advisory Partners Limited (NOMAD)


Neil Baldwin 

Mark Brady

Tel +44 113 366 2266 /2268

 

SI Capital (Broker)


Andy Thacker

Nick Emerson

Tel +44 1483 413500

 

Cadogan PR


Alex Walters

Tel: +44 207 839 9260

 




This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR GGGRWPUPCGCA

a d v e r t i s e m e n t