Top Shelf International (TSI) has hailed the support of its stakeholders as instrumental in achieving what CEO Trent Fraser describes as a “transformational year” for the company in FY24. Despite soft trading conditions in the beverage sector, TSI’s recently released financial results underscore significant improvements.
The company reported a noteworthy increase in underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA), rising by more than 50% to -$9.9 million. Fraser highlighted the achievement, noting a 22% growth in gross margin and a remarkable 51% increase in EBITDA, attributing these successes to a revamped economic model and strategic initiatives.
One of the key strategies implemented during FY24 was the expansion of domestic major retail distribution, which saw growth exceeding 40%. Fraser credited this achievement to the dedication of the Top Shelf team and the strength of their brand portfolio. International market efforts also showed promise, with targeted execution plans yielding positive results.
Fraser also celebrated the early success of Act of Treason Australian Agave, which received prestigious accolades including Gold medals at global spirit competitions. He emphasized the pivotal role played by investors, customers, and suppliers in TSI’s transformative journey throughout the year.
Looking forward, TSI aims to build on its momentum with plans for a broader retail launch of Act of Treason Australian Agave and expanded offerings of NED Australian Whisky and Grainshaker Australian Vodka. The company expressed confidence in its whisky reserves and highlighted ongoing preparations for future product launches and market expansions in FY25.
In conclusion, TSI’s FY24 results reflect resilience and strategic foresight amidst market challenges, positioning the company for continued growth and innovation in the competitive beverage sector.
Related Topics:
