UK: Drambuie FY profits fall, but back on track in Southern Europe
- FY net profits down 12% to GBP2.5m (US$4m)
- Net sales down 3% to GBP22.2m
- Operating profits down 10% to GBP3.3m
- Souther Europe sales down 1%
Drambuie released its results yesterday
Drambuie has posted a drop in full-year sales and profits despite stemming declines in Southern Europe.
Net profits fell by 12% to GBP2.5m (US$4m) in the 12 months to the end of June, the Glasgow-based whisky liqueur maker said yesterday (11 September). Net sales slipped by 3% to GBP22.2m over the same period while operating profits dropped by 10% to GBP3.3m.
The reduction of distributor stockholdings in a number of markets, particularly in Asia, led to lower case shipments, Drambuie said. However, emerging markets grew sales by 34%, while sales in Southern Europe returned to an even keel, down by 1%.
Greece was previously Drambuie's second-biggest market behind the US but economic difficulties saw volumes in the country halve in the space of a few years. Last year, volumes in Greece dropped by 27% year-on-year. Drambuie CEO Michael Kennedy told just-drinks last year the company would not exit the Greek market despite the challenges in the country.
Kennedy said yesterday: “Overall, this has been a positive year in the company’s quest to rebuild the Drambuie brand and we are in a good position to make progress in the forthcoming year.”
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