The ASC Group, parent company of The Scotch Malt Whisky Society, is raising a glass to positive financial forecasts.
The company expects to hit £1 million EBITDA for FY24, marking a significant turnaround from last year’s loss.
Membership has risen 5% to 42,000, with strong growth in the UK, while revenue remains steady at £23.5 million.
Despite market challenges, ASC is showing resilience through product innovation, market expansion, and smart cost management.
The company has begun to reduce its £27 million peak debt and has fully acquired its Japanese subsidiary, strengthening its Asian presence.
Looking ahead, ASC is investing £0.5 million in its American operations, aiming to tap into the lucrative US whisky market.
The group expects to achieve at least £1.5 million EBITDA in FY25, with further growth anticipated in FY26.
Andrew Dane, CEO of Artisanal Spirits Company, said: “Our ambition remains to create a high quality, highly profitable and cash generative, premium global business and we are making good progress on that journey with a creditable performance against a backdrop of uncertain trading conditions prevailing in certain markets.
“Our acquisition of Single Cask Nation in the USA is well aligned with our ambition to take greater advantage of the sizable and growing American Whiskey market. The additional investment in our USA operations announced today further augments the exciting opportunity for ASC to deliver profitable growth in this key market.
“In addition, our proven strategy of investing in whisky stock continues to generate substantial value, with the current cask inventory value of just over £100m representing around 4x both NBV and Net Debt.
“With ASC now only needing to acquire stock on a replenishment basis, this continues to increase the positive future cash profile of the business which is encouraging.
“We exit FY24 on track for a strong set of results and on track to deliver further profitable growth in FY25 and beyond.”
As ASC shifts from major stock investments to a replenishment model, it foresees continued profit growth and debt reduction, painting a promising picture for the whisky group’s future.
