Distil update doesn’t go down well with investors

The price of shares in AIM-listed drinks manufacturer Distil (LON:DIS) has sunk by 21.44% to 1.10p (as of 13:10 BST) after it posted disappointing first quarter sales figures. The firm said that year on year revenues for the three months to the end of June were down by 20% and that volumes had dropped by 15% year-on-year.

Executive chairman Don Goulding said: “Our UK sales are below last year, which had seen growth of 27% versus the previous year, mainly due to fewer promotional slots and poor weather through the quarter especially when compared to 2018. This affected, in particular, our spiced rum sales. Our Distribution remains strong. We have new promotional activities planned for the remainder of this financial year and our full year forecasts remain in line with current market expectations“.