British Honey Co. - Trading Update
RNS Number : 6238X
British Honey Company PLC (The)
06 January 2022
 

 

6 January 2022

The British Honey Company plc

 

("BHC" the "Group" or the "Company")

 

Trading Update and production site consolidation

 

BHC is pleased to update the market on the Company's sales performance for the 12 month period to 31 December 2021. The Company ended the year with sales ahead of expectations which are now expected to be not less than £8.4m for the Group trading as a whole, for the period.  We have good visibility of production orders for the start of 2022 and we are encouraged by our order book for the first quarter and beyond.

We have also taken the decision to consolidate all elements of production, dispatch and R&D at our Market Harborough distillery, which has ample space and capacity and which can be effectively utilised for the Group. This will produce significant cost savings and enable us to operate in a much more efficient and cost-effective manner at the Market Harborough distillery site. We will still retain and produce the Keepr's brand and product range out of Market Harborough, ensuring we maintain our broad product offering.

 

This will entail us closing our Worminghall, Buckinghamshire office and distillery once the production transfer has completed. However, the closure costs are not expected to have any material adverse impact on expected Group revenues for 2022.

Commenting on the update Richard Day, Chairman of BHC, said:

"Our sales fared well in the final quarter of the year, providing good momentum into 2022 and giving us every confidence as we start the new financial year. Demand for our products remains strong and we are making rapid progress in ensuring our operations are more efficient.    

"It is essential that we have the right cost base in order to remain competitive as a business and can take advantage of the significant opportunities we are seeing in the market. Therefore, the Board considered now was the right time to consolidate our production, distribution and business operations into our Market Harborough distillery site. We will work with the teams that are affected in the coming weeks to ensure they have the support needed during this transition."
 

 

Enquiries:

 

The British Honey Company plc

Richard Day

 

 

finnCap -

AQSE Corporate Adviser & Joint Broker

Carl Holmes /

George Dollemore (corporate finance)

Richard Chambers (ECM)

 

 

via Walbrook PR Limited (see below)

 

 

 

Tel: +44 (0)20 7220 0500

Stanford Capital Partners -

Joint Broker

Patrick Claridge / John Howes /

Bob Pountney

Tel: +44 (0)20 3650 3650

Walbrook PR Limited -

Financial PR

Paul Vann / Nicholas Johnson

Tel: +44 (0)20 7933 8780

        +44 (0)7768 807631

paul.vann@walbrookpr.com

 

 

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (596/2014/EU) as it forms part of UK domestic law by virtue of the European Union (withdrawal) act 2018 ("MAR").

 

 

About British Honey Company

 

Launched in 2014, BHC has an extensive collection of award-winning spirits brands. Its impressive range began with Keepr's British Honey Spirits infused with 100% pure British honey and includes gin, rum, bourbon, and vodka.

 

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 "white label" spirits. It has well-invested infrastructure which includes its own stills and a bonded warehouse. 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 and a 29% ABV espresso vodka liqueur.

 

In addition, Union distils spirits on behalf of a range of B2B customers including some major supermarkets. Like BHC, Union is also SALSA accredited.

 

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