Distil's third quarter revenue jumps 71%

Distil’s shares gained on Friday after the spirits maker reported a 71% jump in third quarter revenue.

The company, which owns premium drinks brands RedLeg Spiced Rum, Blackwoods Gin and Vodka, Blavod Black Vodka, Jago's Cream Liqueur and Diva vodka, said volumes rose by 31% in the three months through December 2015, supported by a 96% increase in brand marketing.

“The higher percentage growth in revenues over volume was a result of the shift in product sales mix during the period away from licensed sales, primarily in Eastern Europe, toward own sales compared to the prior year,” the group said in a trading update.

Double-digit growth in volumes and revenues at the Blackwoods Vintage and Blackwoods Limited Edition gin brands offset a fall in sales of Blavod Black Vodka in Eastern Europe where volumes have continued to slow, particularly in Ukraine.

Chairman Don Goulding said the firm was confident for the fourth quarter and expected full year performance to be in line with the board's expectations.

Shares rose 8.11% to 1.00p at the close of trade in London.