Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Distiller Ian Macleod posts 44% increase in profits

Post Thumbnail

A Scotch whisky firm posted a 44% growth in profits last year, despite seeing turnover dip due to a decline in “bulk trades of mature whisky”.

Ian Macleod Distillers, which produces the Glengoyne, Macleod’s, Smokehead, Isle of Skye and Tamdhu brands, said its turnover fell 1.5% to £52.1million for the year ended September 30, 2014.

However, the drop was offset by an increase in single malt sales and a profitable export business.

Its pre-tax profits on ordinary activities rose 44% to £8.5million, while operating profits were up 24% to £9.3million.

The company’s finance director, Mike Younger, said turnover dipped because bulk trading — a process that involves exchanging stock with other distillers and recording it as turnover — fell back down from unusually high levels in 2013.

The company was also buoyed by the performance of its two joint ventures, a bottling plant next to its headquarters in Broxburn and a distribution business in Norway.

They posted turnovers totalling £6.2million for the period under review, an increase of £425,000 year-on-year.

Ian Macleod also has a subsidiary based in India, which “is becoming properly established in the market and reports a minor profit.”

Back home, the company raised the value of its stocks by £15million to £65million.

Mr Younger added: “The group has benefited from the increasing and strong demand for Scotch whisky and this is evidenced by the growth in recent year.

“The group has invested significantly in operational assets and stock to support the growth.”

Ian Macleod, which was established in 1933, describes itself as the tenth largest Scotch whisky company in the world, selling more than 15million bottles of spirits every year.

It has completed the construction of six new warehouses at the Tamdhu distillery, which is bought from Glasgow-based whisky maker Edrington in 2011.

Ian Macleod, which employs 101 people, also owns the Glengoyne distillery near Glasgow.

The company has eight directors, who were paid a total of £1.58million, down £125,000 year-on-year.

The best paid director pocketed £358,000, about 50% less than a year earlier.

A dividend of £1.87 per share was paid out during the year, but thedirectors have not recommended paying a final dividend.

Already a subscriber? Sign in

[[title]]

[[text]]