UK: Morrison Bowmore toasts strong trading
Morrison Bowmore CEO confident on sales
Morrison Bowmore Distillers has said it is on course for a strong year after bucking a decline in the single malt Scotch whisky market in 2009.
All Morrison Bowmore's whisky brands are showing double-digit volume growth, while profits for 2010 "look very good", group CEO Mike Keiller said today (13 July).
His comments indicate that the privately-held distiller is on course for further rises in sales and profits, after also reporting rises for the 12 months of 2009 today.
Volume sales of Bowmore Islay single malt rose by 12% year-on-year to 164,000 cases for the year to the end of December, helping the firm to increase net sales by 6% to GPB39.3m (US$59m), compared to GBP37.1m in 2008.
Pre-tax profits rose to GBP3.8m from GBP3.5m a year earlier, said the group, which also owns Auchentoshan and Glen Garioch single malts.
"Turnover was up on last year reflecting the growth in our single malt business, against the overall decline of this segment of the market," said Keiller.
Data from IWSR shows that global single malt whisky sales fell by 5% in volume in 2009. The steepest declines came in Europe, with exports of bottled single malts to the EU down by a quarter on 2008 levels, according to Scotch Whisky Association figures.
Morrison Bowmore also reported rising demand in Europe for Japanese whiskies produced by its parent group, Suntory Holdings. Yamazaki and Hakushu single malt whiskies grew rapidly during 2009, it said.
The firm has also take on procurement, blending, bottling and logistics operations for Drambuie Scotch whisky liqueur, which is based at the group's Springburn site.
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