Proof Drinks reports 104% YOY growth
Premium spirits distributer Proof Drinks has reported triple digit growth for the 2021/2022 full year, driven by its e-commerce sales.
Proof Drinks has marked another year of exponential year-on-year (YOY) growth, following 78% for the 2020/21 FY.
The company’s on-premise business has also seen a ‘strong’ return offering £13 million (US$15.9m) in revenue.
Managing director John Vider commented: “Despite the current issues the hospitality sector has, and is still facing, we are still on track to hit £50m (US$61m) turnover which was set out in our three-year plan ending 2025.”
The return of the on-trade has been a big contributing factor to Cazcabel Tequila becoming its first brand to hit 100,000 cases.
“Although beer, wine and spirits (BWS) in the e-commerce channel has suffered due to the natural shift back to the on-trade following its reopening, our e-commerce business still experiences considerable growth,” added Vider.
The brand’s portfolio on Amazon alone grew by more than 60% YOY, totalling £4.5m (US$5.51m) in value, with the growth of Cazcabel Tequila (+105%); CUT Rum (+17%); Elijah Craig (+67%); Aviation Gin (+32%); and Mr Black (+49%).
The continued consumer trend for cocktails has seen brands such as Mr Black coffee liqueur leap in volume by 244% YOY, while non-alcoholic ‘spirits’ brand Lyre’s has also performed very well, gaining more than 1,000 distribution points in the first quarter of 2022.
Ready-to-drink (RTD) brands Coppa Cocktails and Canvino are predicted to offer significant revenue to their retail business over the next 12 months having already secured major listings for Coppa in Asda and Canvino in Tesco.
“Our ultimate goal is to be the largest, most profitable, most sought after and independently-owned creator and distributor of alcoholic and no-and-low drinks brands in the UK, and we are in a very good position to achieve that,” concluded Vider.
The business has also grown significantly in terms of employees which has increased by more than 30% YOY and doubled in the last two years. This includes the appointment of Jeremy Hill, former owner of Hi-Spirits, as non-executive director.