UK: Ian Macleod Distillers targets India as FY profits leap
- Distiller opens India subsidiary
- Sales up by 22%
- Profits up by 41%
Smokehead producer Ian Macleod Distillers enjoys strong year
Ian Macleod Distillers is looking to India to build on a leap in sales and profits in 2010.
Ian Macleod distillers has set up a wholly-owned subsidiary in India in order to take advantage of the country's thirst for Scotch whisky. The division is being led by Ian Macleod's managing director, Leonard Russell, and the group's sales director for the Far East, Jonathan Scott.
"India is a key growth market for us and this is an ideal time to establish a presence due to recent and expected changes in the customs and state specific excise duty rates," said Russell. "The creation of this distribution company is an excellent spring board from which to establish our brands in India."
The group hopes to use India to build on a strong financial performance in 2010. Net sales rose by 22% to GBP31.9m (US$51.6m) for the 12 months to the end of December, led by a 40% rise in case volume sales of Glengoyne Highland Single Malt, the distiller said today (24 February).
Net profits jumped by 41% versus 2009, to GBP3.1m. In addition, Ian Macleod said that the Cask Owners distribution business in Norway, in which the group owns a 34% stake, "is now profitable".
Sales were also boosted by stronger private label Scotch whisky business with major retailers in the UK. "We are ahead of our internal forecasts and are growing strongly relative to our peers in the industry," said Russell.
Ian Macleod Distillers has created the role of business development manager for its domestic market....
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