Ian Macleod reports 24% jump in profits

Tamdhu and Glengoyne Scotch whisky producer Ian Macleod Distillers saw a 24% increase in operating profits last year, yet turnover marginally declined.

Ian Macleod Distillers has reported a 24% jump in operating profits thanks to the performance of its single malt Scotch brands including Tamdhu

As reported by The Aberdeen Press and Journal, the firm reported a 1.5% dip in turnover to £52.1 million in the 12 months to 30 September 2014 due to a drop in “bulk trades of mature whisky”.

This process of exchanging stock with other distilleries fell back from “unusually high levels” in 2013.

Meanwhile pre-tax profits rose 44% to £8.5m and operating profits soared 24% to £9.3m due to the successful exports of its single malt brands.

Mike Younger, finance director for Ian Macleod, told the Press and Journal: “The group has benefited from the increasing and strong demand for Scotch whisky and this is evidenced by the growth in recent year.

“The group has invested significantly in operational assets and stock to support the growth.”

It was revealed in December 2013 that the company was planning expansion after securing a “substantial” bank loan to construct six additional bonded warehouses at its Tamdhu distillery in Speyside, which are now completed.

Ian Macleod acquired the Tamdhu from Edrington Group for an undisclosed sum in June 2011, seven years after purchasing Glengoyne from the same company.

It was announced last month that Tamdhu had released a no-age-statement single malt to “complement” its existing 10 Year Old – the first permanent addition to the brand’s portfolio since it was acquired by Ian Macleod.