Artisanal Spirits Company H1 2026 update: what the trade cask line says about the broader Scotch market

The Artisanal Spirits Company (ASC), owner of the Scotch Malt Whisky Society (SMWS) and listed on AIM, published its H1 2026 trading update on 15 July 2026, covering the six months to 30 June. Group revenue was broadly in line with H1 2025, with branded business growth offset by lower trade cask sales in the period. EBITDA was maintained versus H1 2025. Cash flow improved by approximately £1.5 million versus the equivalent period last year, driven by stronger branded business performance and cost control. The board confirmed it remains confident in delivering its expectations for the full year 2026.