This morning at Lark’s annual general meeting, Chair Domenic Panaccio outlined the distillery’s strong positioning as it looks ahead towards its FY25 strategic priorities.

“While the past financial year presented macro challenges, including a difficult economic and market landscape, we are pleased that the Company has made significant progress in several areas,” he said.

“Importantly the organisation is now right sized, with operational efficiencies contributing to operating cost and cash savings.”

The meeting follows shortly behind the release of Lark’s Q1 results, which featured a net sales revenue of $3.4 million, up $0.2 million, or 7%, when compared to the year prior.

“Operationally our first quarter sales of $3.4 million were up 7% on the prior corresponding quarter, and broadly in-line with the previous quarter,” said CEO Sash Sharma following the release of the first quarter results.

In today’s meeting, Panaccio told shareholders “we have seen exciting green shoots in the crucial direct export and GTR [Global Travel Retail] channels,” signifying a continuation of the growth seen in Lark’s Q1 results.

“Our GTR business continued its good performance, with sales up 12% versus the prior corresponding period,” said Sharma.

“On the direct export side, which cycled $0.1 million of indirect export sales in the prior corresponding period, we recorded a planned $0.2 million re-order shipment to Indonesia. We continue to work closely with our Asian distribution partners for launch events to build awareness, both with trade and direct consumers, as well as build distribution.”

Both Panaccio and Sharma said the Strategic Partnership with Seppeltsfield Wines and equity raising that took place at the end of July have helped to propel Lark’s growth plans.

Sharma said, "the Seppeltsfield Strategic Partnership & Equity raise was completed during the September quarter - this landmark partnership and related equity raise, means that we are well positioned to invest in the Lark brand and facilities to drive the export strategy and to accelerate growth.”

Panaccio added, “the successful equity raising of $25 million in the last quarter, supported by very strong demand from our retail shareholders under the Share Purchase Plan, provides Lark with the capital to allow us to drive growth and accelerate investment in brand marketing and international expansion

“The Strategic Partnership with Seppeltsfield Wines is an exciting and strategically important milestone for Lark, providing long term surety on continuity of supply of the highest quality barrels which are so critical to whisky making, allowing us to build our long-term wood program and stock planning for commercial delivery with confidence.”

Looking ahead, Panaccio and Sharma are both confident that Lark’s Brand Restage, being formed in partnership with global creative agency LOVE, is on track to be launched by the end of FY25.

“This exciting workstream is progressing well, and will support our global expansion ambitions, positioning Tasmania as the epicentre of new world whisky, with Lark as the differentiated leader,” said Sharma.

“We can expect to see our Brand restage live by the conclusion of FY25."

Panaccio added, “as we look ahead to this financial year, the Board and the Executive Team are excited about the Lark Brand Restage which is progressing well, and the ongoing development at Pontville.”

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