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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Artisanal Spirits’ down 50% in six months following profit warning dram-a

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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Shares in Artisanal Spirits (ART:AIM) have dropped 50% over the past six months, and at 47p languish the best part of 60% below their June 2021 initial public offering (IPO) issue price of 112p. The latest dram of weakness was stirred by a profit warning (8 December) from The Scotch Malt Whisky Society owner.
Edinburgh-based Artisanal cautioned both sales and adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) for the year to December 2023 would be below market expectations.
Artisanal revised its full year 2023 revenue target down to ‘around £23 million’ against the £25 million consensus estimate, and now expects to achieve around breakeven at the adjusted EBITDA level versus the £1 million previously called for by Liberum Capital.
The downgrade reflects a combination of a weaker performance in China and slower than expected sales of the group’s brand new 50th anniversary member cask-sales programme.
On the positive side of the ledger, Artisanal is making progress on creating new revenue streams and its stock-backed balance sheet remains strong. Established in 1983, The Scotch Malt Whisky Society has now surpassed 40,000 members, a significant milestone in its 40th anniversary year.
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