Gordon & MacPhail delivers robust sales results despite challenging trading conditions
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ELGIN-BASED whisky specialists Gordon & MacPhail today reported robust sales results despite challenging trading conditions.
Speymalt Whisky Distributors Ltd, the trading name of Gordon & MacPhail, announced steady revenue and increased profit and assets in a financial year of disruption and uncertainty caused by the Covid-19 pandemic.
The family-owned company is continuing to invest for long-term prosperity, with construction under way at its second distillery, The Cairn, at Grantown-on-Spey. The visitor experience is on track to open in summer 2022.
In this year's financial results, total sales increased by 1 per cent to £34.1 million, from £33.7 million, and pre-tax profit grew from £9.8 million to £13.9 million.
Net assets grew by 19 per cent from £55.4 million to £65.7 million.
Despite the impacts of the pandemic, sales in international markets showed a promising five per cent increase to £13.8 million, with demand remaining strong for premium, aged single malt whiskies.
Sales through the company’s UK Wholesale operation were more significantly impacted by the lockdown restrictions and fall in international tourist trade. The business also completed bulk whisky sales totalling £11 million to finance capital projects.
The company owns Benromach Distillery, in Forres, where it also distils Red Door gin. Its Benromach range continued to contribute to the company's success, with sales value and volumes growing by 17 per cent and 16 per cent respectively.
Gordon & MacPhail managing director Ewen Mackintosh said: "Despite obvious challenges in the market, we are pleased to report this year’s financial results, with sales, profit and assets all increasing.
"Our philosophy of thinking longer term has not only provided the stability to navigate the difficulties presented by Covid-19, but also to continue the investment back into the business for future growth.
"We are delighted by progress at The Cairn Distillery and the completion of other major infrastructure projects."
The retail shop in Elgin remains Gordon and MacPhail's "spiritual home" more than 120 years after it was established in 1895.
