The Scotch whisky producer, Glenmorangie, posted profit before tax for the year to March 31, 2003 of £8.72m, up 5.2% from £8.29m in the previous year.
Turnover rose by 10% from £58.71m to £64.65m, while operating profits were up 6.1% from £10.35m to £10.98m.
Glenmorangie stated that underlying pre-tax profits before one-off items had risen by 12% to £8.9m. The company also reported that its flagship malt brand, Glenmorangie, had caught up with its chief rival, Glenfiddich, in the important UK market and now holds an 18% market share.
Chief executive, Paul Neep, said group’s single malt brands saw a 13% rise in sales volumes against an industry average of 5% to 6%. He added that Glenmorangie had retained its number one position in Scotland, while it was ranked third in the world behind The Glenlivet and Glenfiddich.
Neep also said that distribution agreements in Europe with Bacardi-Martini and in the US with Brown-Forman had had a positive impact on the company’s performance.
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