DJ British Honey Company PLC (The) Covid-19 Trading Update
RNS Number : 9063L
British Honey Company PLC (The)
05 May 2020
05 05 2020
The British Honey Company plc
('British Honey', 'BHC' or the 'Company')
Covid-19 Trading Update
Sales of "Drip+Drop" Alcohol Sanitiser exceed all expectations
Steps taken to safeguard alcohol supplies
The British Honey Company plc, the producer of premium British Honey-infused spirits and alcohol sanitiser products, provides the following update on trading for the financial year to date and the Company's response to the Covid-19 pandemic which has materially impacted the industry as a whole.
The Company has adapted quickly to the adverse impact that the Covid-19 pandemic has had on demand and the distribution channels for the Company's core infused spirits brands. Whilst there has been a considerable reduction in sales of the Company's core products over the last six weeks, the Company's recently introduced "Drip+Drop" alcohol sanitiser product, which was developed in conjunction with Drs George Tranter and Tiancun Xiao, has had a fast and successful start. Launched in the last week of March, sales have considerably exceeded management expectations and generated revenues of more than GBP500,000, which more than offsets the decline in revenues from the Company's core product offering. The Company will focus current production capacity on this product line in the short to medium term whilst demand remains extremely high. The Company has obtained BS EN 1500 testing certification for the "Drip+Drop" product range.
British Honey also believes it is better placed to cope with the current economic turmoil than the majority of its peers due to the strength of its balance sheet, underpinned by the proceeds from its recent IPO and its capacity to secure supply. BHC has responded to alcohol supply issues faced across the industry, as producers based in continental Europe are retaining capacity for their own national needs, by "ring-fencing" in its Bonded Warehouse enough alcohol to meet anticipated demand for its alcohol sanitiser and infused spirits products until at least the end of the calendar year (including the Christmas period, the peak period for spirit sales).
British Honey also continues to develop its collaborative Agreement with US-based List Distillery LLC, based in Florida for the joint development and distribution of both sanitiser products and existing infused spirits brands, on a reciprocal basis, in the UK and the United States.
British Honey CEO, Michael Williams, commented:
"Very early on during the Covid-19 outbreak we identified a clear opportunity for the Company to move into the production of alcohol-based sanitisers, to meet exceptional demand and supply shortages, given the basic ingredient is the same as for our infused spirit brands. I'm delighted to report that sales of these products have been exceptional. BHC obtaining BS EN 1500 certification for "Drip+Drop" products is another milestone in its development.
"Whilst there is no doubt that, across the industry, problems in the alcohol supply chain are starting to emerge, I am pleased to confirm that we as a company have sufficient alcohol for our own spirits business plans through to the end of 2020. List Distillery are also continuing to supply rum and bourbon from their distillery in Florida.
"The health, safety, and welfare of our employees remain our first priority. Our production and support operations are fully committed to meeting our customers' needs with all staff continuing to work normal hours, albeit with various measures taken to enable required social distancing and adherence to government guidelines.
"Furthermore, we continue to support key front-line workers, local care homes and other charitable institutions with complimentary products".
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
British Honey Tel: +44 (0)7976 559243 Michael Williams, CEO Email: firstname.lastname@example.org Brooke Wiseman, Marketing Director Web: https://britishhoney.co.uk/ finnCap - AQSE Corporate Adviser Tel: +44 (0)20 7220 0500 & Joint Broker Carl Holmes / Matthew Radley (corporate finance) Richard Chambers (ECM) Stanford Capital Partners - Joint Tel: +44 (0)20 3815 8880 Broker Patrick Claridge / John Howes / Bob Pountney Walbrook PR Limited - Financial Tel: +44 (0)20 7933 8780 PR +44 (0)7768 807631 Paul Vann/Nick Rome/Nicholas paul.vann@walbrookpr . com Johnson
Notes to Editors
About British Honey Company
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. All of BHC ' s spirits are distilled onsite in the company ' s specially customised Still under the watchful eye of international award-winning Master Distiller, Jamie Baggott. 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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(END) Dow Jones Newswires
May 05, 2020 05:21 ET (09:21 GMT)