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Gordon & MacPhail hails ‘oustanding’ full-year sales

Gordon & MacPhail owner Speymalt Whisky Distributors has reported an “outstanding” performance for its 2017/18 fiscal year, with a 26% profit increase.

Gordon & MacPhail managing director Ewen Mackintosh

In the 12 months to February 2018, sales from the Elgin-based firm’s main trading activity grew by 11% to £31.4 million (US$41.2m). International sales increased by 22% to £10.9m (US$14.3m) with sales in the UK up by 6% to £20.5m (US$26.9m). Profit before tax increased by 26% to £5.1m (US$6.7m).

Speymalt Whisky Distributors, which is owned by the Urquhart family, announced plans to build a new malt Scotch whisky distillery in the Cairngorms National Park earlier this year.

To finance the project, the company sold £8m (US$10.5m) of its mature single malt whisky stocks. Consequently, overall sales increased by 39% to £39.4m (US$51.7m) with profit before tax at £12.9m (US$17m).

Gordon & MacPhail Scotch whiskies also performed well with a sales increase of 14%, maintained by “exploiting new routes to market”. The family-owned firm has continued to invest in buying new and seasoned Sherry casks and fillings from distilleries around Scotland.

The UK wholesale operation was boosted by a “strong performance” in premium single malt whisky and gin. As a result, the firm has decided to “withdraw from wine and beers wholesaling in the future” and focus on whisky and gin.

Sales of Benromach have continued to increase, with “focused brand-building activity” adding 22% growth.

Plans were recently announced for additional warehousing at the Benromach site to meet growing global demand.

Gordon & MacPhail managing director Ewen Mackintosh said: “We’re pleased to be in a solid financial position to pursue our growth plans. This involves investing across our whole business, including building a second distillery at Grantown and various developments at the Benromach site.

“Our performance this year has been outstanding and this is in large due to impressive performances, in particular by Benromach and Gordon & MacPhail whiskies in key markets worldwide.“

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