Client Update - September 2025

As we move into autumn, the giants of the industry have been releasing their annual results and trying to draw a line under the slowdown of the last two years. Both Diageo and Pernod Ricard had similar stories, with a reduction in operating profit but sales picking up at the lower end of their price offerings. Diageo in particular outperformed expectations, with organic net sales up 1.7%, and investors responded positively.

There is a sense that by shipping CEO Debra Crew out and bringing in Nik Jhangiani to replace her, Diageo are drawing a dividing line and trying to move into the next phase of the industry cycle with a clean pair of boots.

Export data from HMRC tells a similar story, of suppliers consolidating their value offerings while purse strings are tight and uncertainty around tariffs and global events keeps spending in check. Exports were up 0.9% in value through the first half of the year against the same period in 2024, with £80 million more in blended Scotch sent overseas, and a similarly sized reduction in single malt exports. The category with the biggest shift is the bulk malt sector, with shipments up 22%.

All in all, the signs point to bulk trading outperforming more bespoke categories like single casks as consumer budgets tighten up. WhiskyInvestDirect has recently expanded our supplier base by bringing on a new distillery to the platform in the form of Tomatin. In addition, we have brought back fillings from three distilleries that have been very popular on the platform - Bunnahabhain, Deanston and Ledaig.

We have also recently released some improvements to the web platform, including expanding the data available on our daily trading charts. Alongside the average daily deal price on each line, you can now track our valuation of that stock since its launch.

We have more improvements on the way, as we prepare for tariffs to India being halved in the next year and the next phase of the industry cycle beginning anew. As always, we appreciate your support and feedback, and if you have any thoughts or questions, please do not hesitate to contact us.