Melbourne-based spirits producer Top Shelf International (TSI) says it is on track to deliver its IPO financial and operational targets, after listing on the ASX in December 2020.

The successful IPO saw TSI raise $47.2m including a primary raise of $35m, and the company says with its NED Whisky and Grainshaker Vodka brands it is focused on executing growth plans in the second-half of its financial year.

The company reported first-half revenue on $7.3m, an increase on the prior comparative period, helped by the company’s flagship NED Whisky gaining national ranging with IBA from September 2020.

Top Shelf’s Chief Executive Officer Drew Fairchild said: “Top Shelf is focused on executing our growth plans in the second half of FY21 including:

  • Accelerating the market penetration of our portfolio of distinctive Australian spirits brands with major brand initiatives for NED Whisky with the Kelly Grove Racing team in the Australian Supercars Championship and the Australian Open and Welcome to Thornbury customer experience for Grainshaker Vodka;
  • The continued build out of the NED Whisky and Grainshaker Vodka brand and product portfolios including release of the NED super premium limited addition series and the range extension of Grainshaker Vodka ready to serve products;
  • The continued investment in the maturation of NED Whisky facilitated by commissioning of the second whisky lauter tun at Campbellfield and the opening of a second maturation barrel house (900,000 litre capacity) at Somerton, Victoria;
  • Ongoing development of the Eden Lassie agave farm and agave market opportunity in dry north Queensland with the secure supply of 244,000 hardening plants in nursery; and
  • The completion of the Agave Brand work and release to market of our Australian Agave spirit.”

TSI finalised the acquisition of the Eden Lassie agave farm in December 2020 and as at 31 December 2020, had 165,000 agave plants in the ground. There are a further 244,000 nursery plants giving a total number of planted and nursery plans of 409,000.

The company also launched Grainshaker Vodka at the end of October 2002 and the brand is now available in over 200 on-premise venues around the country. Grainshaker bottle and RTD formats are also now available through ALM, Paramount and Festival.

In first-half of FY21 the Company reported gross profit of $1.6m and a gross profit margin of 21.6 per cent (cash basis: 23.3 per cent), an increase of $1.0m and 1.6 per cent respectively in absolute terms on the prior comparative period.

On a pro forma basis, the Company reported an EBITDA in FY21 1H of $(3.6)m, an increase of $2.0m and a loss after income tax of $3.1 million, an increase of $1.5 million, on the prior comparative period.


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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