INVER House Distillers has ramped up profits by nearly 25 per cent after sales of its core whisky and gin brands achieved sales value and volume growth in its latest financial year.
The Airdrie-based distiller hailed its strategy to invest in brands such as Old Pulteney, anCnoc, Balblair and Speyburn in the UK, US, Germany, Poland and around Africa as pre-tax profits grew to £11.8 million in 2014.
The strategy, which helped turnover grow by 2.8 per cent to £79.2m, came as the Scotch whisky industry met difficult conditions in certain global markets last year, notably Russia and China.
Inver House, owned by Thai-based International Beverage Holdings, had reported a profits fall of 20 per cent to £9.5m, and a drop in turnover to £77.1m from £91.1m, in 2013. That came as it took a strategic decision to reduce bulk whisky sales and focus on its own brands.
Managing director Graham Stevenson said the distiller’s 2014 results have “strengthened our determination to build our brands for the future, with strategic investments being made to meet the numerous and diverse challenges and uncertainties that the industry undoubtedly faces globally.
He added: “There are challenging times to come but we remain confident about our strategy and the opportunities for our brands and our industry.”
Accounts newly filed at Companies House will show that the distiller, which toasted its 50th anniversary in 2014, laid the foundations for future growth by increasing its investment in stock by nine per cent to nearly £100m.
The distiller lifted capital expenditure in 2014 to £10.2m from £4.7m the year before, with projects including the £1m renovation of its Balmenach Distillery in Speyside.
It has been adding an additional 12,000 square metres of storage capacity at its Lanarkshire base at a cost of £5m, allowing it to house a further 120,000 casks.
And it has invested to double the output of its Speyburn Distillery to 4.2m litres.
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