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Great Scotch! Glenmorangie profits double
The Glenmorangie Company has more than doubled its annual profits for the second year in succession, according to annual accounts newly filed with Companies House.
The maker of the Glenmorangie and Ardbeg single malt whisky brands reported increased profits of £30.5million, on increased turnover of £112.5m, as it benefited from one-off gains on the disposal of its Broxburn HQ to Diageo and the sale of its Glen moray distillery at Elgin. Sales also grew by 34%.
The company last year unveiled £45m investment programme over two years, which would see it ditch its blended brands to focus on single malt whiskies.
The distiller is set to open a new bottling facility at Livingston next year.
Glenmorangie is planning to relocate its HQ to Edinburgh by mid-2010, but no suitable new premises have yet been identified.
A spokesman said the performance of the company’s core brands had remained steady despite troubles in markets around the world.
He said: “In this year, we have seen our underlying operating profit grow. The performance of Glenmorangie and Ardbeg, was good despite challenging market conditions in late 2008, with many markets hit by the economic downturn.
“Sales of Glenmorangie grew in Asia-Pacific, Russia and Central Europe, as well as the UK, but faced difficult trading in USA, parts of Europe and in the Travel Retail sector as less people travelled.”
Alan Lodge, 20.07.2009