Sipsmith, the esteemed gin manufacturer, has experienced a decline in sales for the fifth consecutive year while persisting to suffer losses.
According to the latest accounts filed with Companies House, the London-based distillery reported a 2023 turnover of £14.2 million and faced a pre-tax loss of £17.2 million, as reported by .
These figures mark a downturn from the previous year when Sipsmith recorded a turnover of £18.2 million with a pre-tax loss of £13.1 million.
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Notably, the last profit the company enjoyed before tax amounted to £753,000 back in 2017.
2018 was the final year the brand witnessed growth in its turnover, reaching £22.7 million from £17.8 million the preceding year.
However, since then, Sipsmith's sales have been on a downward trajectory: falling to £22.3 million in 2019, £21.7 million in 2020, and sliding further to £20.3 million in 2021.
Moreover, the period succeeding its last profitable year has seen Sipsmith accumulate a staggering total pre-tax loss exceeding £60 million.
In 2023, the distillers turnover within the 海角视频 took a hit, decreasing from £15.3 million to £12.1 million, and similarly saw reductions in Europe from £893,000 to £514,000.
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Although there was a slight increase in the USA from £1 million to £1.1 million, its revenue from other global markets plummeted from £982,000 to £438,000.
Owned by Suntory Global Spirits, headquartered in New York and known for brands like Jim Beam, Sipsmith is now sharpening its focus solely on gin production.
A statement endorsed by the board revealed: "The company continues to incur a loss as a result of ongoing investment in the brand in the 海角视频 and leveraging the company's position within Suntory Global Spirits."
Following the conclusion of its financial year, the group has determined that Sipsmith Limited will cease to oversee the route to market and associated commercial and marketing activities for the 海角视频 from February 2025, although it will persist in gin production.
This news follows a report by City AM indicating that sales at the producer of brands such as Glenfiddich and Hendricks Gin soared to nearly £2bn, with profits surpassing the £500m threshold during 2023.