AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights:
- Lark is on track to meet its aim of two million litres whiskey by 30 June 2022.
- The whisky bank's value has climbed by AU$132 million (+45%) in 3QFY22 from 2QFY22.
- Net sales in the third quarter were AU$3.3 million, bringing year-to-date net sales to AU$13.5 million.
Lark Distilling Co Ltd (ASX:LRK), a manufacturer and distribution of whisky and gin, shared a 4C market update today (29 April 2022) on ASX.
On the back of the news, the company's shares were trading 0.56% up at AU$3.57 apiece at the time of writing this article. This is in line with ASX 200 Index which was 0.71% up at 7,409.20.
What is the update?
Lark shared that it is on track to meet its aim of two million litres by 30 June 2022, having 1.95 million litres of whisky under maturation on 31 March 2022. Based on the FY21 average net sales price per litre of AU$216, the liquid's future prospective net sales value is AU$422 million.
Also Read: ASX food and beverage stocks with highest 52-week return - GNC, LRK and RIC
Reasons for the increase in the volume include:
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 29 April 2022
3QFY22 update (March 2022)
- The number of litres in the maturation stage has increased by 610k (+45%) compared with December 2021 quarter.
- The whisky bank's value has climbed by AU$132 million (+45%) from December 2021.
- Includes litres from the Pontville acquisition - Estimated FY22 NSV per Litre to rise 15% to 25% (vs FY21).
- Net sales in the third quarter were AU$3.3 million, bringing year-to-date net sales to AU$13.5 million.
- The quarterly sales reflect the ongoing effects of the Omicron version in early 2022 on-premises performance, the anticipated timing of limited releases in the last weeks of March, and e-commerce performance due to restrained advertising.
- In the third quarter, net operating activity cash outflows totalled AU$3.7 million.
Source: © Tktktk | Megapixl.com
Change of Chief Executive Officer
Lark's global CEO search is still underway to appoint a visionary leader with strong skills in the development and execution of an export strategy, as well as the recruitment of agents, distributors, and direct employees throughout the world, with an immediate focus on China, Southeast Asia, and select parts of North America.
Funds from the federal govt
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 29 April 2022
Bottomline
Lark will be able to further its worldwide ambitions by expanding sustainably into major export markets while maintaining a strong brand presence in Australia due to this significant milestone.
The company is committed to becoming a global single malt whisky icon known for being the world's most inventive distiller.
Also Read: TWE, UMG, LRK, MBH - How are these beverage stocks performing?
