Whisky firm Gordon & MacPhail (G&M) is close to announcing a new managing director.
The new boss is likely to be unveiled within weeks, current MD Ewen Mackintosh told The Press and Journal.
He was speaking as Elgin-based Speymalt Whisky Distributors, trading as G&M, announced a 67% jump in annual profits.
And sales rose by 24% in the year to February 28 2023.
Outgoing MD ‘hoping to get an invite’ for G&M’s big day in Elgin next year
Mr Mackintosh announced his plans for retirement earlier this year. He is due to leave G&M in the spring.
The company will be well on the way to completing a multi-million-pound transformation of its premises at South Street, Elgin, by then.
Its outgoing MD will likely be gone by the official opening of a “unique whisky experience”, slated for next summer, but he told the P&J he is “hoping to get an invite”.
Visitors from all over the world will be able to find out all about G&M and its whiskies at the firm’s revamped spiritual home, which first opened its doors in 1895. They will find displays, tasting rooms and a “liquid library” of some of the world’s rarest drams.
Pre-tax profits surged to £17.4 million in the year to February, up from £10.4m in the previous 12 months.
Turnover rose to £46.5m, from £37.4m last time, helped by demand for the company’s oldest single malt to date – its Generations 80 Years Old – and the continuing popularity of flagship brand Benromach, made in Forres.
Sales of Benromach by value and volume increased by 9.5% and 14.5% respectively.
Mr Mackintosh said the results reflected an “excellent” year.
Weaker consumer setiment hitting whisky export markets
He added the next set of accounts will show the business has remained profitable in 2023-24. But results will be weaker without the positive impact of a new release, Generations, in 2022-23 as well as high interest rates and other economic factors affecting markets, he added.
One of those markets is investors. This group now has a wider range of attractive investment options than in recent years, when low interest rates meantmore traditional, financial products tended to offer poor returns.
Supply chain issues, not helped by war in Ukraine and weaker consumer sentiment globally is affecting many whisky export markets, said Mr Mackintosh.
It echoes comments by whisky giant Diageo in a trading update a few weeks ago.
Diageo said it was suffering a sales slump in Latin America and weaker markets in other parts of the world.
Mr Mackintosh said G&M, like the rest of the whisky industry, was “facing headwinds in some of our traditional markets”.
Highlights for G&M in 2022-23 included the opening of its second whisky distillery, The Cairn, near Grantown.
It is part of the company’s focus on “securing the long-term future of its own brands”.
Earlier this year, the company announced its intention to no longer fill spirit into cask from distilleries it does not own.
In future it will focus on whiskies from Benromach and The Cairn.
The firm continues to retain extensive stocks of maturing whiskies so products carrying the G&M name will be released for many decades to come.
G&M’s business evolution
Mr Mackintosh said: “Over the last few months we have evolved our business, delivering on our strategic plan to focus on the company’s own brands.
“It is extremely pleasing to see the business have a such a strong financial year, with the contribution of Gordon & MacPhail Generations 80 Years Old and the ongoing growth of Benromach.
“We remain committed to the long term,m and will continue to invest in growing and developing our colleagues and our brands, as well as delivering capital projects to drive future growth.”
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