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Alcoholic drinks maker Distil reported a 32% fall in revenue in the third quarter as the company reined in promotional activity in the UK.
For the nine months through March 2021, revenue fell 28% fall amid a tough comparatives as last year's growth was aided by pandemic-fueled consumer stockpiling.
'Q3 results reflected a significant reduction in domestic market promotional discounting and comparison to an extraordinary year last year due to Covid related lockdowns and unusually high levels of promotion,' the company said.
Looking ahead, the company said it was 'anticipating Q4 growth as we lap strong but not extraordinary comparisons ...,' though added that 'the outlook for the full year remains difficult to forecast.'
The company also confirmed that the initial advance of £2.85 million had now been made to Ardgowan under the terms of its loan agreement.
Planning for the Blackwoods gin distillery was underway, it added, and 'good' progress was being made, in line with the planned timetable.
'We have also progressed our new Malt Scotch and anticipate formally launching the product in the coming months, opening new market opportunities for the group and its brand portfolio.'