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Whisky firm back in the black under Filipino control

Whyte and Mackay
Whyte and Mackay

Whisky firm Whyte and Mackay (W&M) Group enjoyed a return to the black in its first full year under Filipino ownership.

Accounts lodged at Companies House show Glasgow-based W&M made pre-tax profits of £3.79million in 2015, compared with losses of £2.84million the year before.

Revenue surged to nearly £239million in the latest period, from £180.1million previously, as the company benefited from continued growth of its core brands.

Chief executive Bryan Donaghey said yesterday the 2015 trading figures marked a “return to a more normal position” for the profitable business after the transition to new ownership in 2014.

He added: “Our performance showed good growth in volumes, which clearly benefits profitability, and we continue with a high level of investment to support future growth and our long-term aspirations.”

A weaker pound after the UK’s decision to quit the European Union should help Scotland’s whisky exports, but Mr Donaghey said W&M had not seen any trading impact from the Brexit vote.

W&M owns malt whisky distilleries at Dalmore, near Inverness, at Fettercairn in Aberdeenshire, on Jura, at Tamnavulin on Speyside and a bottling plant at Grangemouth as well as a grain operation at Invergordon.

Core brands include the W&M, Claymore and John Barr blended whiskies, the Dalmore and Isle of Jura single malts, Vladivar vodka and Glayva liqueur.

The company also distributes Russian Standard vodka in the UK.

Emperador, the distillery arm of Filipino conglomerate Alliance Global, has owned the business since a £430million takeover 2014.

The whisky firm was previously owned by India’s United Spirits, which was forced to sell it to appease UK competition concerns that arose after Diageo acquired a controlling stake in the parent.

United has acquired the business seven years earlier from its former chief executive, Vivian Imerman, for £595million.

Summing up the 2015 trading performance in its latest accounts, W&M said the Dalmore and Isle of Jura brands in particular performed strongly, supported by “continued strategic marketing investment”.