Australian Whisky Holdings (AWH) is eyeing long-term growth of Tasmanian whisky in global and domestic markets, according to half-yearly report for FY19.
The report details that a placement of new shares helped raise $11.4m, which allowed the early repayment of loans which had been required to settle the purchase of the Nant whisky estate. At the end of December, 2018, the company said it had net assets (at cost) of approximately $40.90m including cash and cash equivalents of $9.34m.
In detailing its plans, AWH said: “The long-term vision of the company is underpinned by a strong capital base which will facilitate the growth of Tasmanian whisky significantly beyond that which could be achieved by individual distilleries.”
The report added: “The share placement and consequent overall strengthening of the company’s balance sheet has facilitated both investment in the people essential to manage the execution of the business strategy and allowed the continued production and laying down of new make spirit in line with international expansion plans.”
As at the end of the half year, the company had 3304 barrels of 100-litre equivalent new make spirit maturing in bonded storage, at various stages of the average five year maturation process.
Detailing more behind its long-term plan, AWH said: “Broadening the distribution base in both domestic and international markets and the effective marketing of the portfolio to build advocacy and drive trial are the main strategic pillars to achieve this vision.”
Last year AWH appointed Spirits Platform to distribute Nant in mainland Australia and Proof & Co to distribute Lark, Overeem and Forty Spotted. The company has also appointed Ace Cosmo to distribute the entire portfolio in Hong Kong and Macau with sales to commence in March 2019.