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British Honey Co. (BHC)

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Tuesday 12 January, 2021

British Honey Co.

Trading Update

RNS Number : 3206L
British Honey Company PLC (The)
12 January 2021
 

12.01.21.

 

 

The British Honey Company plc

("British Honey", "BHC" or the "Company")

 

Trading Update

 

The British Honey Company plc, the producer of premium British Honey, Honey-infused spirits and alcohol sanitiser products, is pleased to provide the following Trading Update covering the Statutory 9-month accounting period ended 31 December 2020.

 

Reflecting a strong performance over the last quarter of 2020, including the Christmas period, total revenues from continuing operations increased to approximately £1.5million for the 9 months ending December 2020 (a c.270% increase over the corresponding period in 2019). Cash balances at the period-end stood at £2.4 million.

 

Particularly pleasing was the significant increase in the proportion of online sales, where integration with third party platforms, which provide key online sales channels, has been enhanced by the very successful adoption of Shopify.  This e-commerce platform has facilitated seamless order management with a number of large online retail platforms including the Amazon Seller Central Platform, which went "live" last August, serving Ocado, Virgin, BHC's own website, Masters of Malt and several other online stores and retail point-of-sale systems. At the period end, combined online sales accounted for approximately 18% of total revenues, with approximately £150,000 of online revenue being recorded in the period from September to December, representing approximately 30% of revenues. This increase in online sales is in line with consumer trends to increase online purchases due to the COVID 19 pandemic. The company expects to continue investing in its online IT infrastructures and connectivity to online retailers.

 

The Company's US trading arrangement with List Distillery LLC ("List"), based in Florida, has enabled BHC to expand its product range to include List's rum, bourbon and rye whisky, whilst also generating export sales of the Company's London Dry Gin which List is selling via its US distribution channels. Although currently relatively modest, overseas sales, particularly to the United States and China, are an important element of BHC's growth strategy. The COVID pandemic has impacted on BHC's ability to operate in the United States and China due to travel restrictions and consequential inability to carry out adequate due diligence. BHC will continue exploring these markets as soon as the pandemic ceases to be a threat to health and wellbeing of its staff. The Company is pursuing other M&A opportunities in the UK, which remains a key focus in an area ripe for consolidation, by leveraging the Company's well invested platform.

 

The Company is actively seeking out new opportunities to deploy its proven product development skills in partnership with others, such as the exclusive international licensing agreement signed with English Heritage in August and which is starting to gain traction in the UK. During the period, BHC has expanded its range of spirits brands, creating new flavours for its gin and vodka products, including the successful release of a range of Ready to Drink (RTD) products aimed at the fast-growing categories of "Hard Seltzers" and Ultra Low Alcohol drinks, to take full advantage of changing consumer tastes.

 

On current trading and prospects, BHC Chief Executive, Michael Williams commented:

"We are delighted with the progress made since the Company's IPO in March and the outlook remains positive. Notwithstanding continuing economic uncertainty surrounding the latest Covid-19 restrictions and BREXIT, BHC is well placed both commercially and financially to achieve further growth in 2021, building increasing value for our shareholders". 

 

 

  Enquiries:

British Honey

Michael Williams, CEO

Brooke Wiseman, Marketing Director

Tel: +44 (0)7976 559243

Email: [email protected]

Web:   https://britishhoney.co.uk/

finnCap - AQSE Corporate Adviser & Joint Broker

Carl Holmes / Matthew Radley (corporate finance)

Richard Chambers (ECM)

Tel: +44 (0)20 7220 0500

  Stanford Capital Partners

  Joint Broker

  Patrick Claridge / John Howes /

  Bob Pountney

Tel: +44 (0)20 3815 8880

  Walbrook PR Limited

  Paul Vann / Nick Rome /

  Nicholas Johnson

Tel: +44 (0)20 7933 8780

+44 (0)7768 807631

[email protected]

 About The British Honey Company plc

Launched in 2014, BHC is famed for its award-winning fruit and honey infused spirits, marketed under the Keepr ' s brand. Many of the Keepr ' s spirits are infused with BHC ' s proprietary British Honey from its fully traceable apiaries. The impressive spirits range with seasonal lines spans eight gins, four vodkas, two rums, two bourbons and a whiskey which is scheduled for release later this year. BHC ' s spirits are distilled onsite in the company ' s specially customised Still. In March 2020 BHC diversified its product range by developing its first alcohol sanitiser product in the UK in response to the Covid-19 outbreak.  This was produced using BHC ' s excess alcohol supplies and under authorisations obtained from HMRC to use denatured alcohol for alcohol sanitiser use.

 

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