Whisky giant Whyte and Mackay has seen pre-tax profits rise to £96 million in its latest accounts.
The group, which runs five north and north-east distilleries, also saw its turnover jump to £370m in 2023, compared to £321m the year before.
Whyte and Mackay employs around 700 workers across Scotland, including Dalmore distillery in Alness and the Invergordon grain distillery.
It is also behind whisky brands including Tamnavulin and Jura.
The whisky giant said the Dalmore brand was one of its standout performers.
‘Continued growth’ in core brands
In the strategic report, signed off by chief executive Bryan Donaghey, the firm said its profits rise was helped by “continued growth” in core brands.
Mr Donaghey said: “The Dalmore brand in particular performed strongly, supported by continued strategic marketing investment.
“Higher volumes through the company’s production assets drove positive operational gearing.
“Which, couple with tight control over supply chain costs and overheads, contributed to the profit for the period.”
Mr Donaghey also said the level of growth partly reflects the brand’s supply chain challenges which impacted its performance in early 2022.
He added: “The company’s overriding objective is to operate as a global branded drinks business.
“Our core brands continued to grow both domestically and internationally.
“We drew down further funds on our loan facility to fund the increased capital and investment in maturing inventory expenditure.”
Whyte and Mackay picked up two honours at the Highlands and Islands Business Excellence Awards.
Whyte and Mackay accounts provide update on future developments
Mr Donaghey said Whyte and Mackay is committed to research and development in order to secure its position as a Scotch whisky market leader.
He said: “This mainly manifests itself in the launch of new products but also extends to improving and optimising our production assets and processes.
“The company’s immediate focus is to continue the growth of its single malt portfolio around the world.
“To achieve this the company will continue to increase its investment behind its brand and add resource where it is required.”
Summer strikes
Earlier this year, union GMB Scotland announced its Whyte and Mackay workers voted for industrial action.
The decision came following a pay rise offer of between 5-6% despite the firm recording record profits.
Trade union GMB Scotland said 94% of members are backing industrial action and is calling the offer “an insult”.
The strikes, which took place at the end of June saw angered workers walk out after a spokesman for Whyte and Mackay claimed only a small number of staff worked at the distilleries, so industrial action would have “little impact”.
GMB Scotland said workers at the firm were paid less than staff anywhere else in the industry.
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