Huge demand for single malts
Inver House Distillers toasts turnover of £67m
Growth: Martin Leonard
Demand for single malts has seen Airdrie-based Inver House Distillers report an increased turnover of £67.3 million for the year to September 2018.
The 7.4% rise reflects a period of significant growth for its core brands, with sales of the single malts rising by over 12% in the year.
The Scottish whisky subsidiary of global drinks business International Beverage Holdings, the company’s success was underpinned by its flagship single malt Old Pulteney, produced at Pulteney Distillery in Wick, which grew sales by 20%. The company’s premium Scottish gin Caorunn also reported double digit growth.
Gross profit margins were up on the previous 12 months at 39% compared to 36.6%, while higher margins on sales of single malts helped the distillers’ operating profit sit at 13.7% (£9.2m).
Continued investment in stocks for future brand growth rose to £122m, an increase of 3.5%.
Martin Leonard, Inver House Distillers managing director, said: “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.”
Inver House Distillers produces its Scotch whiskies and gin at five distilleries – Pulteney, Speyburn, Knockdhu, Balblair and Balmenach. It is also highly active in the warehousing and blending of Scotch whisky.