The firm behind Gordon & MacPhail and Benromach whiskies has increased profits by nearly 20% thanks to soaring demand abroad.
Elgin-headquartered Speymalt Whisky Distributors Ltd saw pre-tax profit rise to £15.6million from £12.9m in the previous 12 months.
In its annual results for the year to the end of February 2019, sales were up 4% to £41 million from £39 million. International sales increased 32% to £14.2 million. UK sales were down 7% to £26.7 million, partly as a result of exiting the UK wholesale operation for wine and beer to focus on premium spirits.
The company celebrated 20 years of distilling at Benromach Distillery, where it submitted a planning application to build new warehouses this year.
Red Door Gin was launched in 2018, following the installation of a still in the refurbished malt barns at Benromach, and a visitor experience was opened at the site last summer.
The firm was recently granted planning approval to build a second distillery near Grantown-on-Spey, financed by the sale of mature single malt whisky stocks for £9 million.
Gordon & MacPhail managing director Ewen Mackintosh said: “We’re pleased to report another successful year and to be pushing ahead with our planned growth strategy, including the proposed new whisky distillery we’re progressing in Speyside.
“I’d like to thank our colleagues, suppliers and customers around the world for their dedication and hard work in helping us achieve our objectives.”
Stephen Rankin, director of prestige and a member of the fourth generation of the Urquhart family, owners of the business, said: “We have always been committed to planning for the future of the business – long-term thinking and ongoing investment in the company and its people are the foundations of everything we do.
“I’m delighted that our approach continues to reap rewards for the business and all our colleagues. We expanded our brand portfolio last year with the launch of Red Door Gin and our new planned whisky distillery is set to create a legacy for future generations involved in the business.”