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AIM-listed beverages firm Distil (LON:DIS) has announced that revenues for the quarter ended 31st March were down by 33% and volumes had dropped by 32%. Management said that this was in line with expectations and linked to heavy promotional activity during the prior quarter which had increased stock levels among distributors.
Executive chairman Don Goulding said: “Our fourth quarter result was in line with expectations following a very strong third quarter performance where we increased marketing acitivity and shipments to our distributors.
We anticipate full year performance for the year ended 31 March 2019 to be in line with current market expectations and look forward to reporting our full year preliminary results in June 2019.
We expect continued growth in our core Rum and Gin markets during 2019 and will continue to invest in our brand marketing to grow our market share. In March we announced the launch of our new RedLeg variant, sales of which commence in the on-trade in early June“.
Distil’s share price plunged by 9.52% to 1.90p (as of 13:00 BST).