Top Shelf International (TSI) has delivered its first results as a publically listed company, saying it is delivering today, primed for tomorrow, after what CEO Drew Fairchild said was “an outstanding result”.

Pro forma revenue for the company was up 159.9 per cent to $20m, which represents achievement of the initial public offering (IPO) forecast. Branded product revenue grew by 211 per cent from $4.1m, to $12.7m, which TSI said reflected the sales expansion of NED Whisky and its RTS products, as well as the launch of Grainshaker Vodka.

The company reported an EBITDA loss $6.1m, but said this outperformed the IPO forecast loss of $6.4m.

Fairchild said: “The growth achieved by Top Shelf in FY21 and delivery of IPO forecast targets inclusive of revenue, margin and EBITDA is an outstanding result.

“In many ways FY21 has been a transformational year for Top Shelf, not least the successful completion of an IPO in December 2020 and navigating the inherent challenges presented by the COVID pandemic over the past 15 months.

“The revenue growth and margin enhancement recently achieved by Top Shelf, particularly in the second half of FY21, attests to brand resonance, ongoing establishment of distribution channels both here and abroad, the strength of our vertically integrated operating platform and recent investment in people, all of which support the scaling of our business and underpin our future growth ambitions.

“Over the course of FY21, Top Shelf has continued to invest in its maturing spirit inventory and maturation capacities, an indication of which is the equivalent net sales value of the Company’s maturing whisky and agave spirit assets having increased to $272m at 30 June 2021 from $44 million at 30 June 2020.

“The Company’s recent commitment from its lender, Longreach Credit Investors, to increase the size of the existing finance facility from $15.0 million to $25.0 million is fantastic support for Top Shelf.

The Company has aligned its scale and capability with premium brands in high growth addressable markets, which form the catalysts to deliver on the Company’s strategic ambition to be Australia’s leading premium spirits company at scale.”

TSI also recently announced the appointment for Trent Fraser to lead the Australian Agave project and the company’s international expansion.

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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