LOCH Lomond Distillers has highlighted its expanding global reach as it lifted turnover by nearly 10 per cent to £47.3 million, its latest accounts show.
The whisky and vodka-maker, run by a team backed by Exponent Private Equity since a £210m deal in 2014, declared that its brands are now sold in more than 100 markets. It pointed to the “encouraging development” of its malt brands and strong bulk whisky sales across the world.
While revenue continued to grow in established markets, in Europe, Asia, Africa, the Middle East Asia and North and South America, the company reported a statutory loss of £12.8m in the year to September 30.
Loch Lomond, led by former Imperial Tobacco executive Colin Matthews, said the loss reflected the cost of maturing stock produced before its acquisition in March 2014 at market value, rather than its cost of production. It made a loss of £14.4m last time, largely for the same reason. Mr Matthews emphasised the loss “does not reflect the underlying performance of the business”.
He added: “The core of our strategy is the international development of our business and we are achieving that successfully,” Mr Matthews said. “Our portfolio of strong brands places us in a strong position to continue this success.”
The period saw the company make a “multi-million pound” investment in maturation warehouses in Hurlford. That built on previous expenditure by the owners on a new bottling hall at Glen Catrine, and the refurbishment of the Loch Lomond Distillery near Tarbet and the Glen Scotia distillery in Campbeltown.
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