Artisanal Spirits Company: Scotch Malt Whisky Society membership jumps above 40,000 but trade cask sales sticky
“Membership is the engine of our business, and we are encouraged by the momentum we are seeing” – Andrew Dane, CEO
Scotch Malt Whisky Society owner Artisanal Spirits Company (ASC) said membership had pushed above 40,000 with those members buying more often, as it signalled solid underlying group growth.
Chief executive Andrew Dane described membership as the “engine of our business” as he noted that those numbers were growing in every region. In China, where the firm has struggled in the past few years, recruitment is said to be “going gangbusters”.
The Edinburgh-based group also highlighted the successful release of its half-bottle “A Belter For America” release, to coincide with the 2026 World Cup. Initially anticipated as one cask worth of volume, it sold through four casks, with the bottle available to members and non-members, acting as a key recruitment tool for the Scotch Malt Whisky Society (SMWS).
“Membership has increased to over 40,000 and, importantly, our members are buying more often and growing in number in every region,” Dane said. “Looking ahead, our focus remains on further developing the personalisation experience and leveraging AI tools to enhance the data we hold.
“Membership is the engine of our business, and we are encouraged by the momentum we are seeing.”
The group’s results for the six months to the end of June were broadly in line with a trading update released around the middle of July.
Overall revenue of £9.2 million was down on the £9.7m generated a year earlier. Improved results at the group’s branded business - comprising SMWS, Single Cask Nation, JG Thomson and Artisan Casks - was offset by lower trade cask sales of £1.3m, versus £2.3m the year before.
Updating on trading since the end of the first half, the group, which listed on the London Stock Exchange in 2021, pointed to continued growth momentum in the branded businesses, with revenue to the end of August up by about 10 per cent on the same period in 2025.
Dane added: “Our branded businesses are growing reflecting the progress and health of the underlying business, up 7 per cent in [the first half] and around 10 per cent year to date to the end of August. Our US business is now on the footing we wanted. Our cost and cash discipline is working.
“Whilst trade cask sales are more weighted to the [second half] this year, we are focused on delivering these at the right price.”
Assuming that trade cask transactions complete as anticipated in the second half and the branded business trading continues to perform in line with expectations, the group expects to meet market expectations for the full year. Those current City predictions are for revenues of some £24m - up from £19.9m in 2025 - and earnings before interest, taxes, depreciation and amortisation (Ebitda) of £1.7m.
Analysts at brokerage Panmure Liberum noted: “[Full-year] guidance is unchanged in absolute terms but requires trade cask sales to step up meaningfully in [the second half]. The company is confident that these sales will happen, but the timing of the sales is more uncertain.
“The branded business is back in growth, and this can fund the business without leaning on trade cask sales. Valuation remains underpinned by at least £50m of cask asset backing, so we see medium-to-long term upside but with little prospects of upgrades this year.
“That said, if the branded revenues continue to rise, then the business should be much less reliant on cask sales next year leaving greater flexibility to surprise on the upside.”
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