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Alcoholic drinks maker Distil swung to a loss in the first half of the year as revenue fell 29% amid a fall volumes as drinkers shunned the unflavoured gin market.
For the six months ended 30th September 2019, the company reported a pre-tax loss of £1,000, compared with a profit of £108,000 a year earlier, with revenues down 29% to £824,000.
Volume (litres) fell by 28%, with company blaming challenges in its core markets, particularly the UK unflavoured gin market 'where we had fewer promotions and retail distribution declined by approximately one hundred outlets, during the six months to 30 September 2019.'
'Whilst we expect further growth in the spiced rum market we anticipate further softening of the unflavoured gin category into the foreseeable future,' the company added.
At 9:59am: (LON:DIS) Distil Plc Ord 0.1p share price was -0.2p at 0.65p