High Coast Distillery (HIGHCO) Q2 2024 earnings summary

Executive summary

• Net sales increased by 7.8% to 19.1 MSEK in Q2 2024 compared to the same quarter last year, driven by strong export and cask sales.

• EBITDA rose to 7.0 MSEK (from 5.6 MSEK), and operating income reached 5.3 MSEK (from 4.0 MSEK) year-over-year.

• Cask sales and visitor operations showed significant growth, while bottle sales remained stable.

• The new warehouse was completed, increasing storage capacity to 2.8 million OLA.

• Products received international awards and the company was nominated for a regional tourism prize.

Financial highlights

• Q2 net sales: 19.1 MSEK (up 7.8% year-over-year); H1 net sales: 29.5 MSEK (up 9.5%).

• Q2 EBITDA: 7.0 MSEK (5.6 MSEK); H1 EBITDA: 10.5 MSEK (6.7 MSEK).

• Q2 operating income: 5.3 MSEK (4.0 MSEK); H1 operating income: 7.0 MSEK (3.6 MSEK).

• Q2 net income: 3.6 MSEK (2.7 MSEK); H1 net income: 4.4 MSEK (1.9 MSEK).

• Q2 cash flow: 0.3 MSEK (improved from -4.6 MSEK); H1 cash flow: 0.0 MSEK (from -8.4 MSEK).

Outlook and guidance

• Focus remains on expanding all revenue streams, with intensified marketing and international activities planned for the autumn.

• The new warehouse will support increased demand for mature whisky.