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 Ian Macleod Distillers Ltd, one of the
largest independent family-owned
companies in the UK spirits industry,
has announced improved financial results
for the eighth consecutive year.
Financial highlights for the year to 30
September 2010:
- Group turnover increased 22% to
£31.9m (2009: £26.5m)
- Profit after tax increased 41% to
£3.1m (2009: £2.2m)
- Overall stock has increased by
£2.3m taking the total stock to £27m
- Case sales volume increased 20% and
accounts for 93% of the revenue growth
- Within cased sales, Glengoyne
Single Malt revenue grew by 49%
The 22% (£5.9m) turnover growth is
due to increased sales of case goods to
domestic and export markets. Export
growth is broadly based across the
company’s traditional markets of
Northern Europe, The Gulf and The Far
East. UK turnover expanded well from
increased supply and new listings of
private label product to high street
multiples.
The Group’s flagship brand, Glengoyne
Highland Single Malt, had an extremely
positive year with case sales volume
increasing 40%. Export sales of
Glengoyne account for the majority of
the growth, most notably in Travel
Retail sales and the activity in
traditional Glengoyne markets of France,
Germany and Scandinavia.
The Group established a 100% owned
Indian subsidiary during 2010, Ian
Macleod Distillers India Private
Limited. This move has been spearheaded
by Managing Director, Leonard Russell
and Area Sales Director for the Far
East, Jonathan Scott.
Leonard Russell commented: "India is a
key growth market for us and this is an
ideal time to establish a presence due
to recent and expected changes in the
customs and state specific excise duty
rates. The creation of this distribution
company is an excellent spring board
from which to establish our brands in
India. It is something I have been
personally striving to make happen and I
believe it will lead to good growth
opportunities for us."
The Norwegian spirits distribution
company Cask Owners AS, in which the
group took a 34% share during 2009, is
now profitable with its trade growing
throughout Scandinavia. The move has
enabled Ian Macleod Distillers to be
more directly involved in these markets
by being closer to the local buyers.
Bank term financing of £1.7m was secured
from the Royal Bank of Scotland for new
warehousing at Glengoyne Distillery
which is now complete and has created
two new jobs. The Group has continued to
invest in bulk stock and overall stock
has increased by £2.4m (11%).
Leonard Russell said: "The warehouse
development was funded readily by the
Royal Bank and has allowed cash
generated from operations to be invested
in bulk stock. Investing in stock is an
essential pre-requisite for growing the
business and ensures long term stability
and security."
Planned developments for this year
include strengthening the UK business
through the recruitment of Alan Wardrop
as UK Sales Manager and Neil Boyd as UK
Commercial Director. Visitor centre
enhancements at Glengoyne Distillery are
in progress and the new warehouse will
become fully operational.
Leonard Russell said: "The addition of
Alan and Neil to the team has had a very
positive effect on our UK sales. Also,
the establishment of our Indian
subsidiary and continued export sales
focus will lead to further growth in our
offering and capability."
"I am extremely happy with our progress
over the last year. We are ahead of our
internal forecasts and are growing
strongly relative to our peers in the
industry."
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