- Spirits group Distil warned on profit as the cost associated with a joint venture agreement with British Honey was expected to keep a lid on performance.

Under the agreement, both companies would contribute an initial cash sum of £30K toward jointly producing and marketing a new range of branded botanical spirits and other products.

Initial brand development work would commence immediately and as a result, Distil was expected to incur additional 'unbudgeted' costs in the current financial year, the company said

'Consequently, management expect full year profit out-turn for the current financial year to be ahead of prior year but marginally below current market expectations,; it added.

All intellectual property rights in newly created brands and recipes would be jointly owned by Distil and BHC and future revenues would be shared equally by both parties. Distil would gain access to BHC's distillery and master distiller to ramp up innovation within its brand portfolio.

In turn, Distil would assist BHC with the marketing and distribution of its own brands.

At 8:52am: [LON:DIS] Distil Plc Ord 0.1p share price was 0p at 0.83p

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