On the back of strong revenue growth of 42%, Distil has delivered interim profits at operating and pre-tax level of £101K, compared with last year’s loss of £21K. This represents an operating profit margin of just under 9%, with the company’s perennial cost control complemented by a welcome increase in gross margin driving this 11% swing at the operating margin level. The contribution margin increased by 240bps, despite the continued investment in brand marketing and promotion, which rose by 57% year-on-year. Net cash stood at £957K at the end of the period. We leave estimates unchanged ahead of the key Christmas period.