UK: Leaner, meaner Glenmorangie Co sees FY whisky sales rise
- Full-year net profits slip by 1.4% to GBP8.61m (US$13.9m)
- Operating profits fall by 3.4% to GBP14m
- Net sales rise by 3.2% to GBP75.55m
- Owner Moët Hennessy reports strong performance for Scotch in H1 2011
The Glenmorangie Co's Private Edition Range boosted sales in 2010
The Glenmorangie Co has reported a rise in full-year sales, but profits were damaged by restructuring to refocus the Moët Hennessy-owned distiller around core brands.
Glenmorangie's net sales rose by 3.2% for the 12 months to the end of December, to GBP75.55m (US$122m), according to the group's latest filing with Companies House. The distiller benefited from strong demand for limited edition whiskies, such as Glenmorangie Sonnalta PX, which is now sold out, and Ardbeg Supernova, it said.
At the same time, the period included the tail-end of Glenmorangie's project to streamline its business by cutting out bulk, third-party and blended whisky operations in order to focus solely on single malt Scotch. Restructuring costs resulted in operating profits for the year slipping by 3.4%, to GBP14m. Net profits fell by 1.4% to GBP8.61m.
However, from continuing operations, excluding business cut in the restructure, operating profits rose by 7% while net sales increased by 17.8%, Glenmorangie said.
While Glenmorangie did not comment on current trading, its owner, Moët Hennessy Louis Vuitton, indicated yesterday (27 July) that the Scotch whisky distiller has enjoyed a good year so far in 2011. Moët Hennessy highlighted a "strong performance" from Glenmorangie as contributing to its 10% rise in net sales for the six months to the end of June, to EUR1.43bn (US$2.08bn).
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