Distil delivered a strong final quarter (Q4) for the FY22E financial year to end March 2022, as anticipated in its Q3 trading update. Revenues increased by 32% over last year, with volumes up 38%. Pleasingly, revenues continue to track ahead of the pre-Covid levels of FY20, as they have cumulatively across the year. Strong domestic and export growth in Q4 has been accompanied by higher levels of marketing and new product development (NPD) investment. Subject to markets remaining open, and supported by selective price increases and supply chain efficiencies to counter price inflation, management believes the outlook for FY23E remains positive.