Speymalt Profits Rise Dispite Recession

[John]

The firm behind Elgin-based whisky-maker Gordon and MacPhail has reported a big jump in annual profits and turnover despite economic downturns in many of its key markets.

Speymalt Whisky Distributors (SWD), which also owns Benromach distillery at Forres, made a pre-tax surplus of £961,436 during the 12 months to February 28, against £697,897 a year earlier. Turnover soared to £18.94million in the latest period, from £15.82million.

The results were achieved against a background of one of the worst recessions.

SWD said yesterday demand for whiskies bottled by Gordon and MacPhail and Benromach had increased since the start of March, adding that overseas sales over the past six months were up by 91%.

Joint managing director Michael Urquhart said sales in the UK during 2009-10 increased by 27%, helped by a good summer tourist season in Scotland, but exports slumped by 7% to £3.2million as recessionary pressures and destocking put a big dent in overseas sales.

The firm said a highlight of its year was winning a Queen's Award for Enterprise, in the international trade category. Mr Urquhart said: "This followed a 92% increase in export sales over a five-year period."?

SWD also launched a 10-year-old version of its Benromach single malt which has already won several industry accolades, including two gold medals at the World Spirits Competition.

Mr Urquhart said: "Increasing the awareness of Benromach at home and abroad is a key objective for the company."?

SWD has launched other new whiskies during the current trading year, including the first in a series of Gordon and MacPhail Generations rare and speciality malts. In their 2009-10 report, the group's bosses said: "The strategy adopted by the company during the year has been to continually build and "premium-ise' its portfolio of key whisky brands, developing new markets around the world."?

SWD employed 131 people on average during 2009-10, compared with 129 the year before.

John

Source: Press & Journal