Distil sales dry up in first quarter

Red Leg Spiced Rum maker Distil saw shares slide in early trading after revealing that first-quarter sales had fallen year-on-year.

Distil's unaudited revenues decreased 20% year-on-year in the three months ended 30 June, while volumes decreased 15%.

The AIM-listed firm said poor weather and a decreased level of promotional spots were the cause of the group's misfortunes during the period.

Chairman Don Goulding said: "Our UK sales are below last year, which had seen growth of 27% versus the previous year, mainly due to fewer promotional slots and poor weather through the quarter especially when compared to 2018."

"We have new promotional activities planned for the remainder of this financial year and our full year forecasts remain in line with current market expectations."

Goulding also highlighted that trading in Distil's distribution unit remained "strong".

As of 1115 BST, Distil shares had slumped 15.79% to 1.18p.