US hinders SMWS owner’s FY sales
The company behind the Scotch Malt Whisky Society (SMWS) saw its revenue drop by double digits in 2025 after major disruption in the US.
The Artisanal Spirits Company (ASC), owner of the SMWS, saw its revenue fall by 15.7% to £19.9 million (US$26.3m) last year (2024: £23.6m). For the first half of 2025, the company’s revenue dropped by 4%.
The UK-based company noted that the full-year results came amid a ‘backdrop of subdued consumer demand due to global economic and political uncertainty’.
ASC called its 2025 results ‘mixed but resilient’, attributing the decline to disruption in the US from the 43-day-long government shutdown and a route-to-market change in the fourth quarter (Q4), which led to the cancellation of £2.4m (US$3.2m) worth of shipments before Christmas.
ASC also owns US bottler Single Cask Nation (which it acquired in 2024), Scotch whisky brand JG Thomson and private cask programme Artisan Casks.
The firm reported earnings before interest, taxes, depreciation, and amortisation (EBITDA) of £1.9m (US$2.5m) in 2025, down from £2.4m the year before.
Despite the decrease, ASC highlighted continued diversification across revenue streams, with cask sales up by 13% to £4.7m (US$6.2m), venues up by 8%, and Single Cask Nation revenue up by 10%.
These gains helped to offset a steep 25% decline in Asia, where market conditions remain difficult, particularly in China.
Andrew Dane, CEO of ASC, noted the challenges in Asia were “cyclical rather than structural” with the business “starting to see signs of stabilisation”.
ASC ended the year with cask inventory of £28.3m (US$37.5m) – compared with £27.8m (US$36.8m) in 2024. It also completed a refinancing deal with Santander, securing a £13.5m (US$17.8m) facility on improved terms.
In terms of its global membership (which was flat in 2025), only the Europe region grew, rising by 1% 24,700 members. The Americas were stagnant at 5,500 subscribers while Asia dipped by 1% to 1,800. Within Asia, ASC reported membership growth in China (up 2%) and Japan (up 5%).
‘Good strategic progress’
Dane said: “Despite persistent macroeconomic and complex geopolitical challenges, as well as the previously announced US operational disruption at the end of the year, ASC continues to manage the factors within its control well.
“We made good strategic progress in 2025, demonstrating the strength of our brands, the depth of our expertise and our ability to pivot and evolve.
“The operational platform we have in place, combined with our cost base efficiency, more direct control over our US operations and increasingly diversified revenue streams, positions us well to benefit as market conditions improve.”
Dane noted that the company had consolidated its presence in Asian markets such as India and Vietnam.
The CEO added: “Looking ahead, we continue to focus on delivering exceptional and unique whisky, growing our membership and deepening member engagement.
“We will continue to expand in international markets where the appreciation for premium spirits and experiential brands is growing, as well as diversifying our revenue portfolio, through the likes of Single Cask Nation and the growth in trade cask sales to strengthen our future profit delivery.
“While mindful of near-term uncertainties, we remain confident in the strength of our brands, assets, strategy and medium-term opportunity.”
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