Lark is continuing to put recent woes behind the business posting a strong half-year result which shows an increase in net sales, EBITDA and gross profit, as well as positive signs for the amount of whisky it has under maturation.

The first-half saw Lark report net sales of $10.4m, an increase of 78 per cent on the previous corresponding period (PCP). Operating normalised EBITDA for the half was $1.4m, up 130 per cent on pcp, while gross profit was $6.42m up 69 per cent.

In addition the company has 1.34m litres under maturation, an increase of 250,000 litres from 30 June 2021, and this is before adjusting for the Shene acquisition, and puts the company in line to meet its target of two million litres under maturation by the close of FY22.

Commenting on the first-half results, Interim Managing Director Laura McBain, said: “The Lark brand continues to go from strength to strength which is demonstrated by net sales of $10.4m, an increase of 78 per cent and operating normalised EBITDA of $1.04m, an increase of 130 per cent on the pcp. The outstanding leadership team continue to drive the Lark growth trajectory, and have identified extensive opportunities in Australian and export markets, and most important its substantial whisky that continues to grow. This experienced leadership team continue to execute our vision and strategy.

“The esteemed industry awards achieved by Lark over recent weeks, including Sustainable Distillery of the Year (World Whisky Awards), Whisky Distillery of the Year (Australian Whisky Awards) and Best Blended Malt Whisky (World Whisky Awards) among others, demonstrate the brand’s recognition and on a local and international scale.

“Over the next four months, Lark will build over two million litres of whisky in maturation with an estimated sales value of $430m. This alongside 2022 being Lark’s 30th anniversary year, mark significant milestones for the company and set Lark Distilling Co for long-term success.”

Looking ahead Lark said it had already commenced its global search for a new CEO in December 2021, and that McBain has committed to serving in the MD role until the right candidate has been appointed and joins the business.

In addition Lark said it is looking to expand its domestic distribution opportunities through and expanded and focused national sales team and that the business will refine its export strategy, which is expected to drive new sales growth in FY23.

Lark has announced the appointment of Domenic Panaccio as a Non-Executive Director to the Board, as of 1 March 2022.

Panaccio, a Certified Public Accountant, brings an extensive amount of experience having served 20 years at Fosters Group and 10 years at Westfield.

Lark Chair David Dearie said: “Domenic strengthens our Board joining us as a Non-Executive Director, bringing many years of executive, finance and beverage alcohol experience. Domenic was attracted to Lark by our premium position, our vision for the future and the outstanding growth potential of Lark.”

Andy Young

Andy joined Intermedia as Editor of The Shout in 2015, writing news on a daily basis and also writing features for National Liquor News. Now Managing Editor of both The Shout and Bars and Clubs.

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