The Courier & Advertiser (Fife Edition)
Whisky producer raises a glass as profits rise
EXPORTING: Improved overseas sales help boost overall group performance of Angus Dundee Distillers PLC
The whisky producer behind Brechin’s Glencadam distillery can raise a glass after posting improved full-year profits.
Accounts newly lodged at Companies House show London-registered Angus Dundee Distillers PLC produced sales of £55 million in the year to June 30, a 3.19% year-on-year rise compared to 2016’s £53.3m return.
Pre-tax profits for the group came in at £15.87m – a slight improvement on the prior year outcome of £15.7m – although overall margin was squeezed slightly.
In her directors’ report Tania Hillman said the higher revenues were a result of improved demand for the group’s products from foreign markets.
“The company’s principal activity during the year was that of Scotch whisky distillers, bottlers and exporters,” Ms Hillman said.
“There was a 3% increase in turnover during the year from £53m to £55m, which was mainly due to an increase in sales to overseas markets.
“As a result, earnings before interest, tax, depreciation and amortisation (ebitda) increased from £16.7m to £16.9m.”
The accounts show the group – which also owns the Tomintoul distillery on Speyside – employed an average of 127 staff last year, with a roughly even split between those involved in production operations and administration.
Seven directors received emoluments of £1m in the year, a marginal uplift on the previous year, with the highest paid receiving a remuneration package of £484,010.
The Glencadam distillery opened its doors in 1825 and it has been a fixture of Brechin life almost ever since.
The distillery was mothballed during the two world wars but production was restarted and in the 1950s it was bought by Hiram Walker, a group which later became Allied Domeq.
It fell silent in 2000 but its acquisition by Angus Dundee Distillers in 2003 signalled a new era.
Production was immediately restarted and the Glencadam single malt went on sale in 2005.