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BenRiach doubles profits in ‘record’ year
The BenRiach Distillery Company, owner of Glenglassaugh and Glendronach distilleries, is not ruling out further acquisitions as it reports “record” profits for its 10th year in business.
BenRiach doubled its profits this year, following the purchase of Glenglassaugh in 2013
The Scotch whisky producer announced pre-tax profits increase of 116% to £8.9m in its annual financial results, alongside a revenue growth of 39.4% to £34.5m.
The group, which also owns the Newbridge bottling plant, has come a long way since posting revenue of just £4.62m in 2005, when profits came in at £241,716.
Billy Walker, co-owner of BenRiach, said: “It’s terrific to be able to announce record profits of some £9m in our 10th anniversary year.
“It’s been a fascinating journey over the past ten years… We find ourselves in one of the golden periods of the industry. There’s unprecedented demand for high-end brands like ours in places such as Asia, North America, Russia and Europe as well as in our home market, the UK.”
Walker highlighted Taiwan as BenRiach’s leading export market for its single malt brands, but named Hong Kong, Singapore, Korea, South America and Africa as locations displaying strong growth potential.
“I see it as our duty and responsibility to develop all of these new markets,” he added.
BenRiach has grown its assets in line with its profits and turnover over the last five years. Having been bought by Walker and South African partners Geoff Bell and Wayne Kieswetter in 2004, the group since acquired the GlenDronach Distillery in 2008, Newbridge bottling plant in 2010 and Glenglassaugh in 2013.
“We recognise the privilege that we enjoy by owning three very historic distilleries and that we have the freedom to express the personalities of these distilleries in the marketplace,” Walker said, before adding that further acquisitions “have not been ruled out”.
“If something came up adding balance to the business, we would consider it. But we are not going to diversify. I know nothing other than whisky.”
BenRiach is to release a 10-year-old anniversary expression from the site’s first distillation to mark its birthday (7 August) later this year.