New Zealand’s leading spirits distillery has hit a major milestone, selling more than 100,000 nine-litre cases of product in the 2023 financial year.
Scapegrace Distilling Co. is celebrating the record results, which saw the nine-litre cases from across the brand’s portfolio of Gin, Vodka, Single Malt Whiskey and RTDs sold to more than 42 countries around the world.
The results saw Scapegrace Distilling Co post revenue of $12.7 million NZD in the 2023 financial year, a jump of 30 percent on the year prior. The company is forecasting another significant revenue rise next year of 30 percent.
“We’re really pleased with this strong ongoing year-on-year growth,” said Scapegrace Co-Founder Daniel McLaughlin.
“In February, we’re marking a decade of Scapegrace being in business, and we’re really proud of the domestic and international success we’re seeing as we continue to build New Zealand’s reputation as a world-class premium spirits producer.”
Adding to the excitement is the progress on the company’s $25m distillery build on the banks of Lake Dunstan in Central Otago.
The distillery is set to be the largest in New Zealand, with stage one completed and stage two due to be completed in March 2024. The project will allow for a huge increase in production, with single malt whiskey alone projected to generate an annual wholesale value of $33 million. The distillery will also provide a boost for the Central Otago economy, creating job opportunities and boosting tourism.
To help fund the expansion, Scapegrace Distilling Co secured $13.9 million of new capital in 2023, including $2.9 million of Government funding from the Kanoa Regional Economic Development and Investment Unit.
A capital raise seeking $8 million for the completion of phase two of the distillery project, is now well underway, with $5 million already secured.
“This investment is allowing us huge growth as we take our award-winning, distinctly New Zealand products to the world,” said McLaughlin.
“We know our commitment to quality and innovation will continue to drive our success, and we’re looking forward to seeing what we can achieve in the next ten years."
The capital raise closes on October 31st.
