Distil’s FY23E trading performance has been disappointing, with full-year revenue more than halving, resulting in a higher loss before tax. The disappointing optics primarily reflect the change in business model, moving from a distributor-based model to Distil assuming direct control of supplying its major UK customers. This strategic shift required a one-off but prolonged clearing of stocks from the previous distributor’s supply chain. With this complete, Distil can focus on driving domestic and export revenue growth through multi-channel marketing activities and new product launches.