Top Shelf International has revealed revenue growth of 160% in FY21. The spirits company delivered pro forma unaudited revenue of $20million, meeting the forecast set out in its initial public offering prospectus in November 2020.
Growth of its branded product revenue – NED Whisky and Grainshaker Vodka – was 211%, up from $4million in FY20 to $12.7million in FY21.
Chief Executive Drew Fairchild said: “Achievement of our IPO pro forma revenue forecast is an outstanding result and represents another milestone in our ambition to be Australia’s premier and largest international multi branded spirits company. The revenue growth achieved in the second half of FY21 was particularly pleasing. We are on track and on trend.
“NED Australian Whisky and Grainshaker Hand Made Australian Vodka are two of the fastest growing premium spirit brands in Australia. The FY21 revenue result demonstrates the strength of the NED Whisky brand, as we continued to sell all the whisky we had available while growing the price realised per litre.
“Grainshaker Vodka is going from strength to strength as evidenced by the release of a new 700mL proprietary bottle and recent acceptance of ranging of the brand in both key retail and on-premise venues including the 250 store network of IGA Liquor Victoria and Cellarbrations and Bottle-O 150 store network in Queensland, and an on-premise arrangement across Melbourne hospitality venues operated by Good Company Bar Group.
“Our strategic objectives include the continued investment in whisky and agave, the launch of an Australian agave brand in early FY22 and continuing to expand our customer network building on the successes of domestic and international growth demonstrated in FY21.
“We look forward to providing an update on the production volume and net sales value of our inventory across whisky, vodka and agave next week.”
Top Shelf expands on-premise reach
Top Shelf’s multi-million dollar deal with Good Company Bar Group was won via tender, for both volume and first pour and will result in Grainshaker being served in each of the Good Company Bar Group’s six existing venues, including any new venues added by the company to its network over the term of the deal.
Good Company Bar Group’s Nick Young said: “We’re delighted to have found an Australian premium spirits partner in Top Shelf International, and a brand in Grainshaker, that shares our ambition and has the scale to grow with us. We have some exciting expansion plans in the pipeline and look forward to working with the TSI team to bring the partnership to life.”
Top Shelf has also signed a national ranging agreement for Grainshaker and NED Australian Whisky with Signature Hospitality Group, a company with more than 30 venues nationwide, including TGI Fridays and The Sporting Globe. Both hospitality chains have a strong a footprint across Australia and will provide highly visible opportunities for in-venue activations for both NED and Grainshaker throughout the year.
Fairchild said: “Achieving large scale distribution for Grainshaker after only seven months in market is an outstanding achievement. These agreements are testament to the hard work of our sales and marketing team and demonstrate Grainshaker’s go-to-market strategy in action across key retail, restaurants, bars, nightclubs, and festivals. We look forward to working with all of our customers to maximise the opportunity and continue to build momentum at the start of FY22 following a strong end to FY21.”