Tariff uncertainty hits H1 sales for SMWS owner
The owner of the Scotch Malt Whisky Society (SMWS) has noted a slight sales decrease for the first half of 2025 as it faces US tariff uncertainty.
SMWS owner the Artisanal Spirits Company (ASC) said revenue decreased slightly during the first six months (H1) of 2025. This largely reflected the £1 million (US$1.35m) reduction in rephased US shipments while the group implements its tariff-mitigation plan, compared with H1 2024.
The firm will specify exact sales revenue for H1 in September.
Membership retention for the SMWS was 70% during H1, down by almost a third. There has been a marginal decline in overall membership compared with December 2024.
The group has, however, made positive progress with its cask sales, noting an incremental £1m (US$1.35m) revenue during H1 2025. The Artisanal Spirits Company expects this to grow further following the launch of Artisan Casks, the firm’s new luxury private cask programme.
Andrew Dane, ASC’s CEO, said: “The group has once again produced a respectable and resilient performance. We continue to make good progress, despite the persistence of volatile global trading conditions.
“ASC continues to benefit from an excellent and valuable asset base. The actions we have, and continue to take, to further diversify our revenue streams are proving effective as we navigate external macro factors – many of which are largely outside our control – to the best of our ability.
“The launch of Artisan Casks, our new luxury private cask programme, provides another incremental income stream for the group. We remain confident in the future opportunity for ASC and continue to build the business for the medium to longer term with entry into exciting new markets such as Vietnam, as well as progressing our plans for a future launch in India.
“This, together with a continued focus on rigorous cost efficiencies, stand us in good stead to deliver profitable growth in line with current market expectations.”
The SMWS recently launched in Vietnam, and is planning to launch a new franchise in India – potentially during the second half of 2025.
India is the biggest export market for Scotch whisky by volume.
The UK and India recently agreed a trade deal that will eventually see the 150% tariff on Scotch whisky exports to India halved.
