Distil revenues grow in line with 'ambitious' forecasts

Drinks maker Distil said on Thursday that volumes and revenues had grown significantly in the three months ended 31 March, in line with the group's "ambitious" forecast.

Distil revealed volumes had grown 80% year-on-year, while revenues were up 97% - partly thanks to the firm's 97% increase in spending on brand marketing.

The AIM-listed firm also stated that as the outbreak of Covid-19 advanced through its markets, immediate steps were taken to protect the business.

While Distil noted that it was too early to forecast accurate market trends over the next six months, the firm said its brands were "relatively well-positioned" and said it would continue to maintain stock cover and flexibility through the current period.

Chief executive Don Goulding said: "When the market returns to some sense of 'normality' or a new normality, we will be prepared.

"It's important for us to continue to work with both on-trade and off-trade customers to create a range of new products ready to meet those new and changing consumer needs. We are, therefore, advancing new product development with our production partners, designers, distributors and customers."

As of 1200 BST, Distil shares were up 6.25% at 0.85p.