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Distil swings to profit in H1 on stronger exports, UK sales
StockMarketWire.com
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Alcoholic drinks maker Distil swung to a profit as revenue more than doubled in the first half of the year on stronger exports and UK sales.
For the six months ended 30 September 2020, pre-tax profit was £154,000, compared with a loss of £1,000 a year earlier, as revenue increased by 128% to £1.88 million.
Exports advanced 165% and UK sales increased 121%, the company said.
Margins fell to 55% from 61% as production costs per unit increased mainly due to 'reduced line efficiencies through social distancing and other Covid-19 related measures,' the company said.
Looking ahead, the company said it expected to exit 2020 in a stronger position, though added that to uncertainties regarding movement restrictions and sector closures relating to the Covid-19 pandemic, it considered it prudent not to provide market guidance for the full financial year to March 2021.
At 8:50am: (LON:DIS) Distil Plc Ord 0.1p share price was +0.2p at 1.45p
Story provided by StockMarketWire.com
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