British Honey Co. - 2021 Interim Results
RNS Number : 6871L
British Honey Company PLC (The)
14 September 2021
 

     14.09.21.

The British Honey Company plc

Unaudited Interim Results for the six months ended 30 June 2021
Consolidated Revenues increase to £3.0 million; Cash position of £1.8 million at Period-

End;

Positive trading momentum maintained with strong demand;

 

The British Honey Company plc ("British Honey", "BHC" or "the Company"), the producer of premium British Honey, craft spirits and alcohol sanitiser products, is pleased to announce its Interim Results for the six month trading period ended 30 June 2021.

 

Financial Highlights

 

  • Strong trading performance in Q4, 2020 has continued into the current year with significant increase in online sales during H1
  • Total revenue from consolidated continuing operations during the period increased to £3.0 million (6 months to 30 June 2020: £1.0 million)
  • Consolidated gross profit increased to £1.4 million (6 months to 30 June 2020: £0.7 million)
  • Operating loss of £1.3 million (6 months to 30 June 2020: £1.0 million loss)
  • Loss per share of 9.90 pence (6 months to 30 June 2020 (10.58 pence loss)
  • Cash position at period end of £1.8 million (2020: £3.7 million)

 

 

Operational highlights

 

  • £10 million acquisition of Union Distillers Limited (“Union”) completed; successful £4.6 million equity placing to fund the acquisition
  • Collaboration Agreement and Share-Swap investment with List Distillery LLC (“List”) recently extended to 28 December 2021
  • Expansion into whisky production with second distillery and bonded warehouse under construction, with completion expected during 2022
  • Continued investment in market-leading proprietary IT/Software systems and infrastructure and setting up of new software subsidiary, eDistil Ltd
  • Expansion of spirits brands, creating new flavours and offerings, including successful release of range of ready to drink products aimed at the fast-growing hard seltzer and low and no alcohol categories
  • Reorganisation of the Board and senior management team
  • First major shipment sent to China for the new Keepr’s bar in Xi’An in ShanXi province opened by Group’s Chinese partners

 

Commenting on the results and recent developments, BHC’s CEO, Michael Williams, said: “Our focus over the past year has been to build scale and concentrate on business fundamentals. I am delighted with the continued progress we have made in the first half of the current year, especially the completion and successful acquisition of Union. Further investment in infrastructure and our increasing online sales presence will also continue to drive sales which are on target to reach £8 million for the enlarged Group for the year as a whole, notwithstanding the impact of COVID.

 

“As the hospitality and leisure sectors are emerging from “Lockdown” restrictions to the new “Normal”, BHC is very well placed to take full advantage of the opportunities presented by the significant shift in consumer purchasing and lifestyle habits. I look forward to reporting further significant progress at the year-end”.

 

Enquiries:

    

British Honey Company plc

    Tel: +44 (0)7976 559243

Michael Williams, Chairman and CEO

    Email:

Brooke Wiseman, Marketing Director

    brooke@britishhoney.com

 

    Web: https://britishhoney.co.uk/

 

 

 

 

 finnCap – AQSE Corporate Adviser &

   Tel: +44 (0)20 7220 0500

 Joint Broker

 

 Carl Holmes / George Dollemore (corporate   finance)

 

 Richard Chambers (ECM)

 

 

 

 

Stanford Capital Partners – Joint Broker

Tel: +44 (0)20 3815 8880

Patrick Claridge / John Howes / Bob Pountney

 

 

 

 

 

 

 

Walbrook PR Limited – Financial PR

Tel: +44 (0)20 7933 8780

Paul Vann / Nicholas Johnson

+44 (0)7768 807631

 

paul.vann@walbrookpr.com

 

About The British Honey Company plc

 

Launched in 2014, BHC has an extensive collection of award-winning spirits brands crafted at its onsite distillery in Buckinghamshire. Its impressive range began with Keepr’s British Honey Spirits infused with 100% pure honey from its own fully traceable apiaries and includes gin, rum, bourbon, vodka and a ready to drink selection of hard seltzers and a low alcohol gin and tonic.

 

In 2020 it expanded further after acquiring the brands of the London Distillery Company (Dodd’s Organic Gin, Rye and Single Malt Whiskeys), securing an exciting partnership agreement with English Heritage to produce its gins and launching an affordable luxury spirits range, 1606. In the same year, BHC also developed its first alcohol sanitiser product in the UK in response to the Covid-19 outbreak.

 

In February 2021, BHC completed the acquisition of Union Distillers Limited, based in Market Harborough, Leicestershire, Union Distillers was founded in 2012 by Mark Gamble and his partner. Over the past eight years it has grown to become an independent producer and distributor of proprietary and “own-label” spirits. It has well-invested infrastructure which includes its own stills, bonded warehouse and a new bottling line to be installed. Union has a strong manufacturing capability, established brands and an extensive and growing retail and wholesale customer base. Products include its premium, proprietary “Two Birds'' range of spirits comprising 11 gins, seven vodkas, a spiced rum, an absinthe and a 29% ABV espresso vodka liqueur. In addition, Union distils spirits on behalf of a range of B2B customers including some major German supermarkets with a UK presence. Like BHC, Union is also SALSA accredited.

 

Future development plans will see BHC open a second distillery on Oxfordshire’s Tusmore Estate, expected late 2021, where it will produce a Tusmore Single Estate Triple Distilled Premium English Whiskey to add to its Single Malt Tusmore Whiskey, of which investment casks are currently available to purchase.

 

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