苏格兰麦芽威士忌协会母公司上半年营收持平 木桶交易市场疲软拖累业绩
苏格兰麦芽威士忌协会（SMWS）母公司ASC发布2026年上半年业绩更新，显示报告期内营收持平，品牌业务增长被低迷的木桶贸易销售所抵消。SMWS美国市场瓶装酒销售增长10%，澳大利亚实现两位数增长，但中国市场相对持平，欧盟线上销售下降约10%。全球SMWS会员保持在近4万人。净现金流同比改善约150万英镑。
The Artisanal Spirits Company (ASC) has indicated that revenue was flat in the first half of 2026 (H1), as growth from its brands was offset by lower trade cask sales.
The update relates to the six months ending 30 June 2026.
The group said revenue from the Scotch Malt Whisky Society (SMWS), Single Cask Nation (SCN), JG Thomson and Artisan Casks collectively increased by high single digits when compared with H1 2025.
ASC said this growth was driven primarily by SCN and Artisan Casks, which launched in summer 2025.
The group attributed its lower trade cask sales to phasing, adding that it predicts its full-year results to be more heavily weighted to H2.
Sales completed in H1 carried a lower margin, reflecting the profile of stock sold and softer cask-market conditions. A similar margin profile is expected for H2.
Group EBITDA was maintained year on year, with improved branded business performance and efficient cost control offsetting a lower trade cask contribution.
Net cash flow improved by around GBP 1.5 million versus H1 2025. This was driven by revenue growth and cost control in the branded businesses.
Total SMWS sales grew marginally, with bottle sales in the US up by 10%. Australia also experienced double-digit growth. UK venues, UK online and China were relatively flat, while EU online declined by approximately 10%.
Global SMWS membership remained just under 40,000, around the same level as December 2025, but up by approximately 1,000 compared with June 2025.
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