UK: Old Pulteney boosts Inver House Distillers' FY, but profits fall

By | 7 August 2013

  • FY pre-tax profits fall 21% to GBP12.3m (US$18.9m)
  • Sales up 13% to GBP91.1m 
  • Operating profits fell 10.6% to GBP12.6m 
  • Old Pulteney sales up 24.7% 
Old Pulteney performed well for the company last year

Old Pulteney performed well for the company last year

Inver House Distillers has seen a healthy rise in full-year sales, but investment in boosting its stock reserves has dragged down profits. 

The Scotch whisky producer, which is part of International Beverage Holdings, the international arm of ThaiBev, said today (7 August) that pre-tax profits in the 12 months to the end of December fell by 21% to GBP12.3m (US$18.9m). However, excluding the effects of exceptional items in 2011's figures, profits were down 11.6% in 2012, the company said. 

Sales in the year were up by 13% to GBP91.1m, while operating profits fell by 10.6% to GBP12.6m. 

Inver House said it had seen “significant growth in global sales” of its single malt brand Old Pulteney, with full-year sales volumes up by 16.2% and sales by value rising 24.7%. 

Total volumes were not disclosed. 

"Old Pulteney... has had an excellent year, and our continued investment in a vibrant programme of marketing to support its maritime malt positioning and the release of several outstanding high-aged expressions has delivered a great return, in particular driving value across the range," said Inver House Distillers’ MD, Graham Stevenson.

The investment in stock reserves, he said, had been "an essential part of developing our strategy for the Inver House brand portfolio as consumer demand increases in the global market".

Stevenson added: "Whilst it has had an impact on our profit margins this year, the underlying picture is very positive for our brands and our business as we respond to the exciting opportunities the industry will encounter in terms of shifting global demographics and emerging markets."

Inver House Distillers’ portfolio also includes Balblair, anCnoc, Speyburn, Hankey Bannister and Caorunn. Earlier this year, the company released a 22-year-old expression of its anCnoc single malt

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Sectors: Company results, Spirits

Companies: Inver House Distillers

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