Whisky Focus - Inverhouse Reports Rise In Profits Led By Single Malts

Inverhouse Reports Rise In Profits Led By Single Malts


4th July 2019
Inver House Distillers reports sales and profits rise led by their flagship single malt Old Pulteney.

Martin Leonard, Inver House Distillers Managing Director with the Old Pultemey single malt whisky range.

Inver House Distillers, the Scotch Whisky subsidiary of global drinks business International Beverage Holdings Ltd which owns the Old Pulteney, Balblair, anCnoc and Speyburn single malts has reported a sales increase of 7.4% for the year to September 2018. This reflects a period of significant growth for its core brands, with sales of Inver House Single Malts growing by over 12% in the year.

This success was led by the company’s flagship single malt Old Pulteney, produced at Pulteney Distillery in Wick, which grew sales by 20%. The company’s super premium Scottish gin Caorunn also reported double digit growth.

The business remains focused on the long term global success of its brands, especially its single malts, with sustained investment in stocks for future sales, marketing and promotion.

Time will tell how the companies decision to launch a new Old Pulteney core range line-up in August 2018 followed by a new Old Pulteney travel retail line-up in October last year will impact sales but having tasted them I could only guess the future looks good for their Old Pulteney brand.

The financial results in summary:

  • Turnover at £67.3 million, up by £4.6m (7%) on the prior year.
     
  • Gross profit margins were up on the prior year at 39% compared to 36.6% in the prior year, with core brands making up a larger percentage of sales.
     
  • Other operating expenses increased as more monies were invested behind promoting brands.
     
  • Operating Profit at 13.7% reflects higher margins on sales of single malts.
     
  • Profit before tax at 10.2% up on the prior year percentage of 9.1%.
     
  • Caorunn Gin sales continue to grow at double digit.
     
  • Continued investment in stocks for future brand growth, up 3.5% to £122m.

Inver House Distillers 2018 key financial information for the Year

Martin Leonard, Inver House Distillers Managing Director commented: ‘With trading conditions challenging in many emerging markets, it was encouraging to see sales of our single malts grow significantly in the period. This is the result of having consistently invested in our people, in production at our distilleries, in the quality of our spirits and in their sales and promotion. We also now have the channels in place to grow our brands in markets around the world, so our focus is very much on rolling out some exciting plans and building further success in 2019 and beyond.’

You will find Inver House Distillers Old Pulteney, Balblair, anCnoc and Speyburn single malt ranges available from specialist whisky retailers such as The Whisky Exchange, The Whisky Shop and Master of Malt
 

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