Lark Distilling (ASX:LRK) shares gain over 2% today, here’s why

July 26, 2022 04:50 PM AEST | By Sonal Goyal

Lark Distilling (ASX:LRK) shares gain over 2% today, here’s why — Image source: © Dusanzidar | Megapixl.com

Key highlights of June quarterly report

Image source: © Joingate | Megapixl.com

June quarter, which ended on 30 June 2022, is the record sales quarter of Lark with unaudited net sales of AU$6.8 million, up by 72% on prior corresponding period (pcp).
The cash flow during the quarter was positive, with AU$1.3 million of cash flow. It was driven largely by the decrease in bottling and packaging expenditure and the timing of payments.
The company ended the quarter with a strong cash position of AU$16.1 million.
During these three months, Lark had made significant progress in expanding its export capabilities and developing key relationships. The company witnessed additional export sales orders from GNT Fine Wines.
The investors can expect to see the FY22 full-year results of Lark in August.

Update on Lark’s CEO search

Lark said that the global search for a CEO is progressing well. Reportedly, the list of high-quality candidates has been narrowed down.

As per the ASX announcement dated 16 February 2022, the CEO and managing director of the company, Geoff Bainbridge, has resigned from his position due to some personal reasons. After Bainbridge’s resignation, Lark appointed Laura McBain as its interim managing director.

McBain was the non-executive director at that time.

Management Commentary

Commenting on the development, interim CEO of Lark, Laura McBain said,

Data Source- Company announcement dated 26 July 2022

McBain highlighted that the Dark Lark launch in May achieved significant success. McBain added that this winter release marked the ‘biggest limited release to-date’, representing outstanding marketing, depth of innovation and brand execution.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.