Artisanal Spirits Co PLC - Edinburgh-based owner of the Scotch Malt Whisky Society, a subscription-based provider of premium single cask Scotch malt whisky - Welcomes news of five-year suspension by US government of 25% tariff on imports of Scotch whisky. The UK government earlier on Thursday announced a truce with the US over a 17-year long tariffs dispute involving European planemaker Airbus SE and US rival Boeing Co. The deal ensures retaliatory tariffs on products including Scotch whisky are suspended.
Artisanal Spirits says the tariff hit to profit in 2020 was GBP658,000, and it had budget for a similar level in 2021. It notes the tariffs were imposed in October 2019 and temporarily suspended for initial period of four months in March 2021. Calls pact "fantastic news for the industry."
"The suspension of the tariffs removes regulatory uncertainty in one of our key markets for the foreseeable future, providing ASC with greater visibility around US exports and enabling us to plan with increased confidence and continuity to further build on our rapid growth momentum in the USA," says Executive Managing Director David Ridley.
Current stock price: 118.51 pence, up 7.3% on Thursday
Year-to-date change: up 5.8% from 112p IPO price
By Lucy Heming; lucyheming@alliancenews.com
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