(Alliance News) - Artisanal Spirits Co PLC on Wednesday reported a double-digit rise in its yearly revenue, as well as a narrowed loss.

Shares were up 10% at 99.00 pence each on Wednesday morning in London.

The Edinburgh, Scotland-based distiller of single-cask and limited-edition whiskies said revenue increased by 19% to GBP21.8 million for 2022 ahead of expectations from GBP18.2 million in 2021.

The company noted significant revenue growth in China, UK venues and strong membership growth in Europe, Australia, the US and Japan.

Its pretax loss narrowed to GBP2.1 million from GBP2.7 million, as gross profit increased to GBP13.8 million from GBP11.2 million a year earlier.

Scotch Malt Whisky Society membership increased by 12% to over 37,400 in 2022 from 28,700 in 2021.

Chief Executive Officer Andrew Dane said: "Our ambition is to create a global, premium business which is highly profitable and cash generative by delivering the world's best whisky experiences.

Looking ahead, Artisanal said it remains confident in delivering its ambition of doubling revenue between 2020 and 2024. It added that it remains on track to meet its expectations for the full year.

Revenue in the first quarter of 2023 is broadly flat year-on-year compared to exceptional growth experienced in the first quarter of 2022.

By Xindi Wei, Alliance News reporter

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